Lloyds to Cut 780 Jobs, Points to Changing Customer Behavior

Date : 02/26/2020 @ 3:39PM
Source : Dow Jones News
Stock : Lloyds Banking Group Plc (LYG)
Quote : 1.31  -0.2 (-13.25%) @ 7:49PM

Lloyds to Cut 780 Jobs, Points to Changing Customer Behavior

Lloyds Banking (NYSE:LYG)
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By Jaime Llinares Taboada

 

Lloyds Banking Group PLC is cutting 780 jobs across its Lloyds, Halifax and Bank of Scotland branches, as its customers are using them less often, independent trade union Accord said Wednesday.

The British lender said it is "reducing the number of roles" across its branch network, but did not provide an exact number of layoffs. The company said that those changes will allow it to shape its service "according to customer behavior and local demand."

"Change does mean difficult decisions and we are focused on supporting our colleagues at this time," a Lloyds Banking Group spokesperson said.

According to Accord, employees who may be affected by the changes were briefed by their managers on Wednesday.

Shares at 1440 GMT were down 0.12 pence, or 0.2%, at 51.89 pence

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

February 26, 2020 10:24 ET (15:24 GMT)

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

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