Lloyds Banking Group is cutting around 1,600 roles across its branches, part of a push by the lender to provide more services online.
The lender is also planning to add 830 positions to its Relationship Growth team, meaning a net reduction of about 769 roles, according to a spokesperson. That team — part of the firm's Consumer Relationships business — meets with customers through a combination of video, phone and branch meetings.
The bank is offering voluntary redundancy in some situations and there will be no role reductions for the most junior workers.
U.K. lenders have spent years pruning their networks, with lenders from Santander U.K. to HSBC Holdings all shuttering branches as they look to cut costs amid the rise of online banking.
Lloyds, which had 59,354 staff at the end of 2022, said just 8% of customers still elect to use a branch exclusively to manage their money, with more than 21 million customers now choosing to bank online or through its mobile apps.
The cuts were reported earlier by Reuters.
