Credit Strategy – Top Credit News By Credit Strategy
Of these, 29 will be Lloyds Bank branches and 15 will be Halifax branches, with more than a third of them being located in or around towns and cities.
Branches are expected to close between September and November 2021 – the first time the group has closed branches since January 2020.
It comes after the company’s transactions fell 10% per year in the five years leading up to March 2020, and significantly more in the year since.
Commenting on the news, Lloyds Banking Director of Retail Vim Maru said: “We will continue to give our customers the choice of how they do their branch banking alongside telephone banking. , online and mobile, our video dating services, our cashback through local stores. program, our participation in the industry’s BankHUB treasury initiative and 11,500 post offices, in which our customers can perform banking transactions and access cash.
Lloyds Banking said all closures were made in accordance with the Access to Banking Standard and the Financial Conduct Authority. advice. In addition, and in line with previous branch closures, there are no forced layoffs and its unions – Accord and Unite – have been consulted.
According to Accord, the expected staff cuts are expected to reach just over 60 full-time employees. This is because he expects most A, B and C grade staff to be redeployed to other branches.
In a statement posted on the union’s website, he added: “Every branch that closes, no matter how small, has an impact on our members and the bank’s customers. For our members, there is the possibility of a disruption in their working hours, location and work-life balance, as well as a possible increase in travel costs and time spent traveling. And for customers, there is the downside of figuring out where the nearest post office is and the loss of trusting relationships with Lloyds Banking Group staff formed over many years.
“We fully appreciate that the demand for large branch banking services is declining, and the pandemic has dramatically distorted that demand as customers have increasingly turned to phone and app banking. However, the scale at which customers return to branches is unknown at this point and we will be looking at Lloyds Banking Group’s plans to ensure they are properly thought out and solidly proven.
Unite, meanwhile, called the decision “disconcerting.” Its country manager, Caren Evans, added: “The closure of 44 additional bank branches will deprive our communities of essential services such as access to cash and highly skilled and experienced staff. A local ATM is not a suitable alternative to a staffed bank branch.
” Latelys, Lloyds Banking Group has spent significant resources getting its “Helping Britain Recover” message across. Unite seriously questions how this decision to move away from local communities promotes this message at a time when customers will depend more than ever on support from the financial services industry.
“Unite does not view the branch network as a disposable product and the union believes that the branch network has value far beyond its immediate marketability. Unite wants Lloyds Banking Group to invest in the branch network and commit to a meaningful presence in our communities. ”