Lloyds, Virgin Money cut jobs as UK bank customers shift online

Lloyds, Virgin Money cut jobs as UK bank customers shift online
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LONDON (Reuters) – Lloyds Banking Group (LLOY.L) and Virgin Money (VMUK.L) pressed ahead with hundreds of job cuts in the face of union opposition, as British banks try to keep up with customers moving online.

Lloyds is planning to axe 780 jobs as part of ongoing cost-cutting at Britain’s biggest domestic bank, union Unite said on Wednesday.

Meanwhile, Virgin Money said it would cut 500 jobs and close 52 branches, as it strips out costs after the takeover of Virgin Money by Clydesdale and Yorkshire Banking Group in 2018.

Lloyds employed 63,000 people last year, while Virgin Money had 8,700 employees.

British banks have shrunk since the financial crisis and have continued to cut staff in recent years in response to squeezed profit margins and growing demand for digital services.

Unite said Lloyds had informed its workforce of the planned job cuts, describing the move as “deeply alarming”.

A Lloyds spokeswoman said it was reducing the number of roles across its branch network but did not comment on numbers.

Source: Reuters

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