Lloyds Banking Group has announced the closure of a total of 60 more branches across Bank of Scotland, Halifax and Lloyds throughout the UK by the end of 2022.
Lloyds Banking Group has decided to cut back their high street network due to increased dependence on online banking noted by record usage in 2022.
During the pandemic, retail branch visitors had to complete their bank errands online, leading to the downward trajectory of retail banking.
Lloyds saw a 12% and 27% increase in users on their online platform over the last 2 years.
The group reported 18.6 million regular online banking customers and more than 15 million mobile app users across its brands
“Just like many other high street businesses, fewer customers are choosing to visit our branches,” said Vim Maru, Lloyds Banking Group’s group retail director.
“Our branch network is an important way for us to support our customers but we need to adapt to the significant growth in customers choosing to do most of their everyday banking online.”
Since June 2021, the business has cut more than 150 branches from its network, including 24 Lloyds Bank branches, 19 Bank of Scotland branches, and 17 Halifax branches.
Around 124 jobs will be lost through the closure of the 60 branches, according to Unite the Union.
Caren Evans, a national officer with the Unite the Union, said, “Lloyds Banking Group must not be allowed to abandon 60 more local communities where bank branches play an essential role.
“The banking sector needs to answer some serious questions about its corporate social responsibilities and the government cannot stand back and allow the relentless closure of banks to continue until no more local banking services remain.”