Home Finance Britain’s Lloyds axes further bank branches

Britain’s Lloyds axes further bank branches

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A money machine at a Lloyds Financial institution department in central London, Britain February 25, 2016. REUTERS/Paul Hackett/File Picture

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LONDON, Could 18 (Reuters) – Lloyds Banking Group (LLOY.L) will shut an additional 28 branches in Britain this yr, simply two months after axing 60 retailers, in a transfer that has drawn criticism from worker union Unite.

Banks throughout the trade have made deep cuts to their department networks in recent times, which they are saying are crucial to reply to rising demand for on-line companies.

“Department visits have been falling considerably for a number of years now, and this pattern is constant,” stated Vim Maru, group retail director at Lloyds, in a press release.

Lloyds will shut 20 Lloyds branches and eight Halifax-branded branches between August and November this yr.

Unite branded the transfer “inexcusable”, and stated it could affect 69 full-time roles. Lloyds stated it could goal to help employees impacted and transfer those that wished to remain to a brand new function.

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Reporting by Iain Withers, Modifying by Louise Heavens

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