Lloyds Banking Group plans to close 61 Lloyds, 61 Halifax, and 14 Bank of Scotland branches by March 2026, primarily due to a significant drop in in-person banking transactions. Over the past five years, transactions at these branches have decreased by 48% as more customers are utilizing mobile banking apps. While these branches will close, employees will be offered other jobs within the company. Additionally, the business is working on a transformation plan launched in 2022, including setting up banking hubs to maintain customer access to banking services in affected areas.
This closure plan is part of Lloyds' broader strategy to adapt to changing customer preferences, as in-person banking declines and digital services rise in popularity.
Transactions across these branches fell by an average of 48% over the past five years as customers opted to use the app for their banking needs.
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