MoneyNewsTop NewsWorld

Lloyds Bank drops 305 jobs and closes 49 branches in Britain

UNITED STATES (OBSERVATORY) – Lloyds Banking Group said it would cut 305 jobs and close 49 branches in Britain in the latest in a series of cuts to its workforce and branch network as it expands digital services, Reuters reports.

The British bank said in February it would invest £ 3 billion in such digital initiatives but did not say how many branches or jobs it would cut as part of a cost-cutting strategy.

“The plan reflects changes in customer behavior as more people engage in digital services than going to branches,” he said.

“Today’s announcement includes tough decisions, and we are committed to working to implement these changes in a cautious and sensitive manner,” the bank said in a statement on Tuesday on job cuts and branch closures.

He remained committed to having the largest interbank network in Britain.

The latest job losses in Britain’s biggest bank follows a February announcement that Lloyds shed 465 jobs in January.

Banks in Britain have closed thousands of branches in recent years to cut costs, and have been criticized by lawmakers who say such closures can leave rural communities without bank branches.