News: Latest round of cuts come as bank increases its digital services.
Digital transformation is hitting Lloyds bank employees with the firm set to announce 1,000 job cuts.
The bank has been investing £1.6 billion into increasing its digital services and increasing automation. Although this is designed to improve customer services, it is resulting in less need for as many employees.
The move comes as part of its three-year restructuring plan which is scheduled to end in 2017. In total there will be around 9,000 jobs lost, with the goal of achieving savings of around £1bn a year.
So far the bank had cut its workforce by 2,360 prior to this latest round. Some 200 branches are expected to close, although the bank has said that it will open 50 more.
The bank is focusing its strategy more towards mobile and online banking.
Lloyds which is still partly owned by the government following its bailout during the financial crisis, is expected to become fully private again next year.