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Lloyds Banking Group to axe 305 jobs and 49 more branches in Britain

Reuters  |  LONDON 

By Lawrence White

LONDON (Reuters) - will cut 305 jobs and close 49 branches in Britain, the latest in a series of reductions to its workforce and network as it promotes its digital services.

Lloyds said in February it would invest 3 billion pounds over three years in such digital initiatives, but had not said how many branches or jobs it would axe as part of the cost-cutting strategy.

Lloyds said the plan reflected changes in customer behaviour, with more people using digital services than branches, which are costly to maintain .

"Today's announcement involves making difficult decisions, and we are committed to working through these changes in a careful and sensitive way," the said in a statement on Tuesday regarding the job losses and closures.

The said it remained committed to having the largest among in Britain, where it operates around one in every five outlets.

The latest job losses at Britain's biggest follow an announcement in February that Lloyds cut 465 roles in January.

in Britain have between them slashed thousands of branches in recent years to cut costs, drawing criticism from lawmakers who say closures can leave rural communities without a single branch.

Politicians in June 2016 called the closures a "quiet scandal", citing a report showing the closures disproportionately affected poorer areas in Britain.

are nonetheless pressing ahead with further cuts, focusing efforts on getting customers to use mobile apps to do the bulk of their transactions and save branch visits for the most complex of their needs.

(Editing by Edmund Blair)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 17 2018. 20:58 IST