LLOYDS BANKING GROUP TO CUT JOBS AS IT MOVES TO ONLINE BANKING – There will be a net loss of 769 roles 

Lloyds Banking Group is to cut about 1,600 jobs across its branch network as it continues to shift its business towards online banking.

Some 830 new roles will also be part of the strategy, resulting in a net reduction of 769 jobs.

Some staff will be offered voluntary redundancy and the most junior employees are expected not to be affected by the losses.

The new jobs will be customer-facing and provide services across branches, via video meetings and over the phone.

Only 8% of customers choose to visit high street branches as the only way to manage their money, while more than 21 million customers use online or mobile banking, Lloyds Banking Group said on Thursday.

Lloyds, in common with other major high street banks, has been closing branches across the country.

The group is the UK’s biggest mortgage lender and its subsidiaries include Bank of Scotland and Halifax.