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Lloyds confirm 9,000 job cuts


Lloyds banking group have confirmed it will be axing 9,000 jobs and will close 150 branches in the next three years.

The bank have already made 43,000 cuts since the financial crisis in 2008, and the further 9,000 cuts will mean the bank will lose about a tenth of its workforce. Lloyds said it would concentrate on urban branch closures first and has abandoned its pledge to keep open "the last branch in town."

The reason Lloyds have decided to go in this direction is due to more and more customers switching to internet and online banking, leading to less use of the branch and face to face service. Lloyds will be investing £1.6 billion in digital technology over the next three years to build digital products and services, including “self service technology and investing in remote advice services”.

The bank has posted a pre-tax profit of £1.6bn for the nine months to the end of September, similar results to the same period last year. The group have also set aside £900 million to cover possible payouts for the PPI mis-selling scandal.

Chief executive Antonio Horta-Osorio said:
"The group is performing strongly. We have met or exceeded the strategic objectives set out in 2011 and are ready to move on to the next stage in our development."
"Over the last three years the successful delivery of our strategy has ensured that we have become a safe, highly efficient, UK-focused retail and commercial bank.
"The next phase of our strategy will use these strong foundations as a basis for meeting the rapidly-changing needs of our customers, and sets out how we will grow the business in a way that will deliver increasing and sustainable returns for our shareholders."

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