Lloyds to Close a Further 56 Branches

Date : 01/29/2020 @ 3:12PM
Source : Dow Jones News
Stock : Lloyds Banking Group Plc (LYG)
Quote : 1.29  -0.08 (-5.84%) @ 1:00AM
After Hours
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Last $ 1.29 ◊ 0.00 (0.00%)

Lloyds to Close a Further 56 Branches

Lloyds Banking (LSE:LLOY)
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3 Months : From Jan 2020 to Apr 2020

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   By Sabela Ojea 
 

Lloyds Banking Group PLC (LLOY.LN) will close 56 branches between April and October this year in response to changing customer behaviors and a fall in the number of transactions being made in branches, the British lender said Wednesday.

The U.K.'s largest retail bank said the closure of the branches will affect 31 Lloyds branches, as well as 15 Bank of Scotland and 10 Halifax branches.

Lloyds said its customers will still be able to have access to their accounts through local post offices. It added that it will continue setting up mobile branches in remote areas.

Accord, the bank's union, said that the scale of the decision "will take some by surprise" and that "the overall level of staff reductions expected as a result of the closures is under 80."

Lloyds has closed as many as 152 branches since February 2019, according to its union, taking the total number to 208 closed branches by October.

 

Write to sabela.ojea@wsj.com

 

(END) Dow Jones Newswires

January 29, 2020 09:57 ET (14:57 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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