Lloyds Banking Group is allowing all customers to use any of its branches, regardless of their brand, aiming to simplify banking. This move, however, has raised concerns about potential mass branch closures and job losses.
Lloyds Banking Group has announced plans to allow all customers to use any of its branches, a move that has sparked concerns over potential mass closures and job losses. The group, which is the UK's largest retail banking group and owns Halifax, Lloyds and Bank of Scotland, revealed in a staff memo that it needs to 'evolve how (it) supports customers' in physical branches as 'more people are choosing mobile over any other way to bank.
That's why - from later this year - we'll make it possible for customers to use any of our Lloyds, Halifax and Bank of Scotland branches, regardless of the brand they bank with, giving them access to the UK's biggest combined branch network.' As a result, from later this year, customers will be able to use any Lloyds, Halifax or Bank of Scotland branch, regardless of their banking brand, giving them access to the UK's largest combined branch network. This move could lead to cost savings but also pave the way for more branch closures. Lloyds Banking Group has already announced plans to close 55 more branches, reducing the total number of branches across all brands to 932. These latest closures, which include 32 Halifax, 19 Lloyds and four Bank of Scotland sites, will take place between January and September this year, reports the Mirror. Mark Brown, the general secretary of the BTU, an independent union at Lloyds, criticised the decision stating that it is 'to make it easier for Lloyds to close more branches and save more money' rather than enhancing customer experience. He also warned, 'We estimate that Lloyds will be able to close 233 branches at the virtual drop of a hat, with thousands of staff losing their jobs.' Conversely, a spokesperson from Lloyds Banking Group countered: 'We're always looking for ways to make banking easier and more flexible for our customers so, from later this year, we'll offer customers of Lloyds, Halifax and Bank of Scotland the option to use branches of any brand for their in-person banking, alongside our apps, mobile messaging, and telephone services.' Moreover, Lloyds stated that there had been 'no engagement' with BTU and thus, their statements were 'purely speculative'
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