Lloyds Banking Group PLC (LSE:LLOY) is cutting around 1,600 roles across its branch network as part of an overhaul to provide more services online.
The cuts from Britain's biggest domestic bank are part of a renewed push by banks to axe costs as tough economic conditions and pressure on margins from competition and peaking rates prompt them to tighten their belts, despite a year of robust profits for the industry.
As part of its revamp, Lloyds also plans to create 830 roles in an expanded 'relationship growth' team, Reuters reported, citing information from a spokesperson.
Rival Barclays earlier this month announced 5,000 jobs losses, some of which was attributed to use of “technology and automation”, understood to mean more use of artificial intelligence.