Lloyds Banking Group is set to cut about 9,000 jobs, which will shrink its workforce by 10%, in a digital strategy switch.
Devised by the chief executive Antonio Horta-Osorio, the plan comes with the lender’s increasing focus on digital technology as customers using its branches and call centres reduce and more customers switch to online and mobile banking.
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The bank is investing billions on digital banking and automating services such as account opening.
At the same time, Llyods also plans to shut down branches.
The cuts will be implemented over a three-year period, ending December 2017.
However, it is yet to be decided how many of the 9,000 jobs slayed would be in branches and how many in support roles such as call centres.
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By GlobalData
