“Lloyds Banking Group’s decision to close 200 branches and axe 9,000 staff was to be expected – but the firm’s digital plans highlight the changing nature of retail banking and the bank branch in general.
The closures will bring the total headcount lost at the firm to 43,000 since 2008. The bank identified reduced demand for branch services and a slide of consumer interaction towards mobile internet as the drivers for the decision, which will be implemented over the next three years. Lloyds also plans to open 50 new branches in the next three years, at the same time as the closures in other areas.
The bank also abandoned a prior promise to keep the last bank branch open in small towns that would otherwise lack one.”
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