Lloyds Bank to shut South Wales branch

A SOUTH Wales branch of Lloyds Bank has become the latest victim of banking cutbacks – with the financial giant blaming a drop in customers using the premises.

More than 1,200 jobs are being axed at the banking group under plans to shut 49 branches in a further blow to Britain’s high streets.

Among those shutting will be the branch based on Bridgend Industrial Estate.

The banking giant said 1,230 jobs will be cut across its branch network and some central functions as part of the move. It said it hopes to redeploy affected staff where possible, with compulsory redundancies a “last resort”.

A Lloyds Bank spokesman said: “We have made the difficult decision to close the Lloyds Bank, Bridgend Industrial Estate branch, in September 2018 due to the changing ways customers choose to bank with us, which has resulted in the branch being used less often.

“We apologise for any inconvenience that this may cause. Customers can continue to access their banking locally by visiting the nearby post office, which is a short distance from the branch. The nearest alternative branch is Wyndham Street, Bridgend.”

The group is creating 925 roles elsewhere in the business and insisted the overall job losses would be 305. Lloyds also pledged to expand its mobile branch network by another seven to 36 to help offset the branch closures.

The branches will close across its Lloyds and Halifax banking brands between July and October this year.

The group recently unveiled a 24% surge in bottom-line profits to £5.3bn for 2017 and revealed it handed boss Antonio Horta-Osorio a £6.4m pay package, up 11% on 2016.