Lloyds Bank has said it will target 9000 job cuts in the next three years as it seeks to reduce its branch presence in the UK by a net total of 150 branches.

In a strategic update accompanying its Q3 results, Lloyds said cuts were part of an efficiency drive to move its services online.

It wrote; "We will realign our branch capabilities to operate more efficiently, increasing self-service technology and investing in remote advice services, with an increasing number of counter transactions migrating to digital and self-service."

Lloyds said details of where the job cuts would fall were not available and could not say if Lex Autolease would be affected.

Lloyds stated that it intends to supply £30bn of additional net lending to UK personal and commercial customers over the next three years, including asset finance and leasing.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.