Lloyds Banking Group (LBG) has announced the axing of more than 900 jobs in the latest phase of its shake-up across the business.
It is understood the job cuts are part of a three year strategic plan which will be announced by chief executive Antonio Horta-Osorio later this month.
A total of 930 posts have been cut, but the bank is creating 465 new roles and with their policy of trying to re-deploy affected staff to new positions only half of those affected will actually lose their jobs.
An LBG spokesman said all staff affected had been briefed on the changes, but it would have to look for voluntary redundancies to achieve the required staff reductions.
The spokesman continued in a statement: “Where it is necessary for employees to leave the company, we will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.
“This process involved making difficult decisions, and we are committed to working through these changes in a careful and sensitive way.”
Since taking over in 2011, Mr Horta-Osorio has reduced total staff numbers by 30%.
In November LBG announced the closure of 49 branches with the loss of almost 100 jobs. The closures were split across their Lloyds, Halifax and Bank Of Scotland brands.
In a statement at the time the bank said the closures were partly in response to changing customer behaviour and the declining number of transactions being made in branches.
It continued: “Customers are increasingly choosing to use digital and mobile channels for their everyday banking needs.”
The closures follow an industry wide pattern which saw almost 1,000 high street bank branches closed in 2017. One in six of all branches nationwide closed in a little over 12 months.
Overall LBG earmarked 250 for closure and Royal Bank Of Scotland (RBS), which also includes Natwest, announced they would be closing 471, more than a third of their network. Barclays closed 98 and HSBC announced that 129 will have to go.
Across the board the banks blamed the rise of technology and the changing habits of their customers as the reasons for the closures.