Home News Lloyds branches across Gedling borough at risk as bank announces 200 are to close

Lloyds branches across Gedling borough at risk as bank announces 200 are to close

by Gedling Eye
0 comment

Beleaguered staff at Lloyds Banking Group in Gedling borough today woke up to the news of fresh plans to close 200 branches and axe 3,000 jobs in the UK.

The bank, which has branches in Arnold, Carlton Hill and Netherfield, is blaming changes to customer behaviour and anticipated cuts to interest rates following the vote for Brexit last month.

The bank said a decision had not yet been made about which branches are to close.

The closures and job losses are part of a decision to extend the cost-cutting programme the bank started back in 2014.


The new cuts will come into effect by the end of 2017.

Lloyds is targeting £1.4 billion in cost savings by the end of next year.

The bank made the announcement alongside results for the first half of the year, which saw statutory profits more than double to £2.5 billion, but the lender warned that Brexit could have an adverse impact on its future performance.

A spokesperson for the bank said: “Given the uncertainty, it is too early to determine the impact on our formal longer term guidance at this stage. However, while the business will remain highly capital generative, it is possible that this capital generation may be somewhat lower in future years than previously guided.”

Rob MacGregor, national officer at union Unite, said: “Lloyds should be in no doubt that Unite will oppose all compulsory redundancies and will be doing everything in its power to ensure that those employees who wish to continue working for the banking group do so.”

You might have missed..

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Gedling Eye uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More