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Lloyds cutting 1,200 jobs and shutting 49 branches

Lloyds said 1,230 jobs will be cut across its branch network and some central functions, while 925 roles will be created elsewhere.

More than 1,200 jobs are being axed at Lloyds Banking Group under plans to shut another 49 branches in a further blow to Britain’s high streets.

The banking giant said 1,230 jobs will be cut across its branch network and some central functions as part of the move.

It said it hopes to redeploy affected staff where possible, with compulsory redundancies a “last resort”.

The group is also creating 925 roles elsewhere in the business and insisted the overall job losses would be 305.

Lloyds pledged to expand its mobile branch network by another seven to 36 to help offset the branch closures.

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