The structural overhaul comes amid the group’s claims that more than 21 million of its customers prefer to bank via online or mobile channels, with just 8% exclusively opting for branch-based banking.
As a result of this growing preference for digital banking, Lloyds plans to remove 1,600 jobs from its physical branch network. The group tells FinTech Futures that there will be no role reductions for its most junior staff and it will be offering voluntary redundancy “in some situations”.
However, it also says that, as part of the restructuring, the group will be introducing over 830 new roles, predominantly within the relationship growth team of its consumer relationships business.
