Lloyds axes another 60 branches


Lloyds axes another 60 branches

Lloyds Banking Group is shutting another 60 branches, once again citing customer migration to digital channels.

Lloyds Stock: Not Compelling

Lloyds Banking Group plc is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK’s largest financial services organisations, with 30 million customers and 65,000 employees. It trades on the NYSE as #LYG and the LSE as #LLOY.

I am personally not a fan of Lloyds due to their earnings volatility that is contributed by the trading and insurance divisions. Moreover, its already trading at 2021’s book values.


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BREAKING NEWS: Lloyds Bank Confirms 9,000 Job Losses And 200 Branches Closures

Lloyds Banking Group has confirmed 9,000 job losses and 200 branch closures as it moves to bolster its digital banking offering.
The bank – part-owned by the taxpayer – said the cuts would take place over the next three years as consumers’ habits continued to shift towards online banking services.
Lloyds said it would be investing in remote advice services for customers, who would be increasingly expected to use online banking or self-service facilities within branches instead of dealing with staff face to face.
Sources at the bank told Sky News it had previously shed 45,000 jobs since its bailout at the height of the banking crisis.
The news was contained in its latest results which showed a nine-month profit before tax of £1.61bn – 5% down on the same period last year.
Lloyds said the figure included an extra £900m provision for the costs associated with the payment protection insurance mis-selling scandal
Sky News reported on Monday night that Lloyds and other major banks were all planning to put aside extra funds, giving them a combined provision of more than £22bn.
Lloyds accounts for half the total.
Underlying profits for the business, which includes Halifax and Bank of Scotland, rose 41% to £2.2bn in the third quarter.
The job cuts announced by Lloyds represent around 10% of its current workforce of 88,000 and form part of its plans to “digitise” the bank.
Earlier this year, the British Bankers’ Association published research showing that UK-based customers conducted almost 40 million mobile and internet banking transactions each week in 2013, a huge increase on the previous year.
The branch closures will mainly affect urban areas where there are already high concentrations of Lloyds branches.
Chief executive Antonio Horta-Osorio said: “Over the last three years the successful delivery of our strategy has ensured that we have become a safe, highly efficient, UK-focused retail and commercial bank.
“The next phase of our strategy will use these strong foundations as a basis for meeting the rapidly-changing needs of our customers, and sets out how we will grow the business in a way that will deliver increasing and sustainable returns for our shareholders.”

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