Lloyds Banking Group will close a further 48 branches across England and Wales. This is stated by the British lender. This is because it seeks to further cut costs by trimming its physical network. The closures are the latest in a string of such moves by the bank. They had announced the closure of 44 different branches in June.
Banks have stepped up branch closures after many paused restructurings for much of last year. This is to focus on responding to the pandemic. Sharon Graham, general secretary of employment union Unite said that the announcement by Lloyds Banking Group of closing a further 48 bank branches is a complete betrayal of the communities. Also, the staff who have long supported this highly profitable business. Lloyds said it is responding to customers using branches less frequently. There is piloting a scheme whereby ‘community bankers’ visit customers in their areas.