Lloyds Banking Group to cut 9,000 jobs - Tri-State News, Weather & Sports

Lloyds Banking Group to cut 9,000 jobs

Britain's Lloyds Banking Group says it will eliminate 9,000 jobs over the next three years and shut some 200 branches in a bid to improve efficiency.

The closures will impact roughly a tenth of its network of 2,000 branches.

The group has been partly owned by the British taxpayer since it was rescued during the financial crisis.

Its executives had pledged three years ago to keep its number of branches at a consistent level. Chief Executive Antonio Horta-Osorio said Tuesday that strategy has now changed.

The bank expects customers to continue shifting to online services and self-service machines instead of having face-to-face contact in branches.

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