This Massive Bank Is Now Cutting 1,600 Positions

February 19, 2024

This massive bank is now cutting 1,600 positions across its branch network, part of an overhaul to provide more services online.

Britain’s biggest domestic bank Lloyds, is cutting around 1,600, reports Reuters.

The cuts are part of a renewed push by banks to axe costs as tough economic conditions and pressure on margins from competition and peaking rates prompt them to tighten their belts, despite a year of robust profits for the industry.

Rival Barclays also slashed thousands of jobs last year, with the majority falling in the bank’s back office support unit, Reuters first reported in November.

As part of its revamp, Lloyds also plans to create 830 roles in an expanded ‘relationship growth’ team to understand customers’ financial goals and provide services across branches, video meetings and over the phone, a Lloyds spokesperson said.

The net result of the changes will be a loss of about 769 roles, the spokesperson said.

The process is separate to a shake-up of mainly back office roles reported in November, the spokesperson said, which put around 2,500 jobs at risk.

In a post on social media platform X, employee union Accord said the move would represent significant changes to ways of working for its members.

“As more customers choose to manage their day-to-day banking online, it’s important our people are available when it matters most,” the Lloyds spokesperson said.

The spokesperson added there would be no role reductions for the “most junior” positions, and voluntary redundancy was also being offered in some situations.

News of the fresh round of restructuring comes amid rising investor concerns Lloyds may have to shell out hundreds of millions of pounds to compensate customers who might have overpaid for motor finance between 2007 and 2021, reports Reuters.

For more news and updates like this, opt-in for push notifications.

Also Read: A US Bank is Now Denying Customers Access to Money

Other Economy News Today

This massive bank is now closing 50 new branches this year with four shuttering in the same state in just a few weeks.

Bank of America has confirmed the closures of four branches in one state amid planned shutdowns of over 50 in 2024.

Regular customers at the locations will want to make the necessary adjustments and look for their next closest Bank of America for future needs, reports The-Sun.

Each of the four is taking place in Massachusetts over the coming weeks, starting with a Bank of America branch in Boston at 125 High Street first on February 27, per ASTV.

About 13 miles south in Braintree, a branch at 250 Granite Street will also close for good on the same day.

Only one week later, on March 5, the 172 Park Street Bank of America in North Reading, 19 miles north of Boston, will close its doors.

Lastly, the Bank of America location at 430 Route 134 in South Dennis will shut down days later on March 12.

Data published by The Office of the Comptroller of Currency (OCC) showed that Bank of America officially reported at least 55 closures this year including the Massachusetts locations.

At least seven others are scheduled for this month across the country aside from the two aforementioned in Massachusetts.

Two in California and one in Maryland already closed on February 13, and four others in California are set to close on February 27.

Joining the March 5 Bank of America closure in Massachusetts are five others in New Jersey, Missouri, California, Georgia, and New York.

Another New York closure is set for March 8.

Four across Florida, Pennsylvania, Tennessee, and California again will close alongside the final Massachusetts shut down on March 12.

By the end of 2023, Bank of America had closed 108 locations.

For more news and updates like this, opt-in for push notifications.

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

Market News Published Daily 📰

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.

More Market News 📰