Lloyds is cutting another 1,755 jobs and closing 29 branches as it looks to increasingly automate its operations.
Staff at the bank were told on Wednesday afternoon that it will lower its employee numbers as part of a broader restructuring, announced last year, that will see 9,000 staff cut by the end of 2017.
Job losses will take place across Lloyds’ retail and commercial banking units, as well as the consumer finance and legal units, although the majority of cuts will be in retail banking, according to the Unite union, which represents many Lloyds employees.
The restructure is part of chief executive Antonio Horta Osorio’s drive to digitise Lloyds, and make the bank more profitable. In November, Business Insider reported that Lloyds is investing £1.6 billion ($2.4 billion) into digital services and increased automation, which means less humans will be needed to help customers with day-to-day banking.
Last week, the British government, which owns around 10% of Lloyds, announced that it was suspending the planned sale of the bank’s shares because of volatility in the financial markets right now.
Investors aren’t exactly happy with the news, and at the close of the FTSE 100, Lloyds shares were down 2.02% to £0.6069. Here’s how that looked:
That share price fall takes Lloyds’ year to date losses to nearly 17%, although it is by no means the worst performing UK bank in the markets so far this year. At the close on Wednesday, RBS was down 3.24%, extending yearly losses to 23%. Barclays is the worst culprit so far in 2016, down more than 24%, and today saw a fall of 4.69%, more than 8p.
Here’s how Britain’s biggest banks have performed in 2016:
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