Lloyds Bank to axe 6,000 jobs, but create 8,000 new roles

Lloyds Banking Group will cut around 6,000 jobs, while adding 8,000 new roles as part of a planned £3bn investment across the UK.

It’s been reported that the job cuts could come from a range of sectors across the bank’s portfolio including its group transformation division, corporate banking; plus retail and community banking activities.

The reorganisation is part of investment plans revealed in February. The bank stated there would be a focus on technology and staff as the bank looks to adapt to the increasing popularity of digital banking and address the decline of footfall in its branches.

Lloyds staff whose jobs are affected by the plans will be able to apply for the new roles being created.

Declining footfall has been a problem in branches across the major banks. Metro Bank director of commercial banking Andy Veares addressed this issue for the major banks in an interview with Business Leader, recently.