Lloyds confirm 9,000 job cuts and 150 branch closures
- Credit: PA
State-backed Lloyds Banking Group has this morning confirmed plans to shed 9,000 jobs and close 150 branches over the next three years.
The job losses, which equates to a tenth of its workforce, is part of a strategy to 'digitise' the bank, adding that it wants to simplify the business and be more efficient.
Lloyds Banking Group, which is 25pc owned by the taxpayer and includes Halifax and Bank of Scotland, employs about 88,000 people.
Jobs in areas such as mortgage processing and new account processing look likely to be under threat.
It has shed more than 30,000 jobs since the financial crisis - when the government poured in £20bn to rescue it - and staff were faced with fresh uncertainty when reports began to emerge weeks ago that it was once again set to wield the axe.
Earlier this year, Lloyds reported underlying profits up 32pc to £3.8bn for the first half, though its overall bottom-line profit fell because of a £1.1bn hit from continuing 'legacy issues', including the mis-selling of payment protection insurance.
Chief executive Antonio Horta-Osorio said: 'Over the last three years the successful delivery of our strategy has ensured that we have become a safe, highly efficient, UK-focused retail and commercial bank.
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'The next phase of our strategy will use these strong foundations as a basis for meeting the rapidly-changing needs of our customers, and sets out how we will grow the business in a way that will deliver increasing and sustainable returns for our shareholders.'
But Rob MacGregor, national officer of the Unite union, said: 'These are deeply unsettling times for Lloyds staff, who, after days of speculation and leaks, face yet another round of job cuts and a future of uncertainty.
'Job cuts of approximately 10% could have unknown consequences on customer service and will put even more pressure on staff who have helped get the bank back on the right track.'