Lloyds Banking Group will cut 1,600 jobs across its branch network as more customers move their banking online.
The company said the restructure would also create 830 roles, meaning an overall drop in headcount of 769 jobs. Lloyds also owns Halifax and Bank of Scotland.
The new jobs will be in the group’s relationship growth team, which will be made up of relationship managers who will talk to customers via video calls or in branches. The aim is to nudge customers towards a “digital first” approach, according to the Accord union, which represents Lloyds employees.
Lloyds will reduce its existing 20 areas to form 10 regions, with five in Lloyds Bank, one in Bank of Scotland and four in Halifax.
Banking sector
Changes to management structures will mean some compulsory redundancies at senior level, but there will be no compulsory job losses for customer service colleagues, the union disclosed. Voluntary redundancies will be offered to some staff.
A number of banks have announced restructures in recent weeks. Barclays will cut 5,000 jobs from its global workforce, while Metro Bank said last November it was considering making 20% of its workforce redundant.
A Lloyds spokesperson told the Guardian: “As more customers choose to manage their day-to-day banking online, it is important our people are available when it matters most.
“We are introducing a number of new roles and making changes to our branch teams so our customers can see us how and when they want to.”
The plans for the restructure were first mooted in November, when Lloyds said it was looking to deliver “one of the largest transformations in UK financial services”.
Sign up to our weekly round-up of HR news and guidance
Receive the Personnel Today Direct e-newsletter every Wednesday
HR opportunities in Accountancy, Banking, Finance and Insurance on Personnel Today
Browse more HR opportunities in Accountancy, Banking, Finance and Insurance
