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The Markets
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The Markets
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Banks

Lloyds to close a further 49 branches as more customers turn to online banking

Lloyds has been closing down branches in response to less in-store visits as more consumers turn to convenience of online banking

Lloyds Banking Group PLC (LON:LLOY) is to shut a further 49 high street branches next year, leading to the loss of 99 jobs.

It comes after the bank closed 100 branches between July and October as part of plans announced last year to shut 400 branches.

READ: Lloyds able to maintain dividends but may need to lift capital target after stress tests, say analysts

In a statement, Lloyds said the decision to close branches is in response to growing demand for online banking and falling in-store visits.

“Customers are increasingly choosing to use digital and mobile channels for their everyday banking needs," the lender said.

The closures include the group’s Lloyds Bank, Halifax and Bank of Scotland branches across the UK.

The Unite Union called on the bank to “halt this unnecessary bank branch closure program”.

“Local communities are making it clear that the closure of their local branch excludes customers who cannot use digital means to conduct their financial transactions," said Rob MacGregor, Unite national officer.

READ: Lloyds, RBS, Barclays and HSBC can handle Brexit risks, Bank of England's stress test reveal

"Having returned to profitability Lloyds needs to stop ignoring its corporate social responsibilities.”

The plan to close 400 branches will result in about 9,000 job cuts.

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