Lloyds Banking Group are set to shutter 123 of their UK branches over the coming year.
This comes after the company announced they were axing around 1,600 jobs across its branches in a massive company wide shake-up which will see services shift online.
The banking group, which owns Halifax, Bank of Scotland as well as Lloyds, revealed only eight per cent of their customers only use in-person branches to manage their money.
According to the bank, 21 million of customers use online banking services and mobile banking.
A Lloyds spokesperson said: ‘As more customers choose to manage their day-to-day banking online, it’s important our people are available when it matters most. We’re introducing a number of new roles and making changes to our branch teams so our customers can see us how and when they want to.’
With the new teams, the banking group hopes to improve efficiency for customers and reduce appointment times.
The spokesperson added there would be no role reductions for the ‘most junior’ positions, and voluntary redundancy is also being offered in some situations.
On X (formerly Twitter) bank staff union, Accord, said: ‘The move represents a significant change to the branch networks and our members.
The recent job slash is separate to a previous shake-up of mainly back office roles in November, which put around 2,500 jobs at risk.
The announcement also landed amid investor concerns that Lloyds may have to dish out millions to customers who potentially overpaid for motor finance between 2007 and 2021.
Earlier this month, the Regulator Conduct Authority launched a review into the issue, with the RBC estimating the mishap could cost Lloyds as much as two billion pounds.
Investment banking company, Jefferies estimated that Lloyds could wind up with an eye-watering 1.8 billion pound bill.
A Black Horse spokesperson – a subsidiary of Lloyds – said: ‘We are currently reviewing the FOS decision and will work collaboratively with the FCA on their upcoming review.’
Read below for the full list of Halifax, Bank of Scotland and Lloyds branches set to shut their doors in 2024.