Lloyds Banking Group PLC (LON:LLOY) has axed 380 jobs but added 435 roles as part of a reorganisation to focus on improving its online and mobile banking services.
The changes will result in a net increase of 55 positions, with the new roles being created in the bank’s transformation division.
In February, Lloyds said it would invest £3bn in staff and technology as part of a three-year strategy to better compete in a market where digital banking is growing in popularity.
Britain’s biggest banks have been improving online and mobile banking offerings as they face competition from smaller financial technology firms. In response to the growing online trend, banks have been closing hundreds of branches and cutting thousands of jobs in recent years.
On Wednesday, Royal Bank of Scotland Group PLC (LON:RBS) said it would shut a further 54 branches, resulting in 258 job cuts, in addition to the 162 closures already announced this year with the loss of 792 jobs.
READ: RBS to axe more branches, outpacing Lloyds, HSBC and Barclays with closures
Lloyds has cut more than 1,300 jobs this year and created different roles as it tries to compete with rivals and smaller financial technology firms.
A spokeswoman for Lloyds said: “Whilst today’s announcements will result in an overall net increase in the number of roles within our organisation ... it does involve making difficult decisions.”
She added: “The group’s policy is always to use natural turnover and to redeploy people in the first instance.”
Union, Accord, said the latest job cuts will affect roles in the bank’s commercial banking, people and productivity, retail and transformation divisions.
“Whilst on the face of it the plans look positive, not all existing colleagues will have the transferable skills for the newly created roles and will mean some face redundancy,” the union said.