Lloyds sets sights on digital path

LLOYDS Bank is planning to restructure its business in a bid to focus more on digital technology and is axing 6,000 jobs.

But the high street bank will also create 8,000 new roles as part of a £3billion overhaul announced yesterday.

The cuts will be spread across the bank and will be in divisions such as corporate and retail banking, while the new jobs will be in digital services.

It is understood that staff whose jobs are being axed, which could include Bristol employees, will be given the opportunity reapply for the new roles.

Lloyds Banking Group employs 2,500 people in Bristol, in offices on the Harbourside and on Wine Street.

Unions have been informed and job losses are not expected to include high street branches, but are likely to be concentrated in Lloyds’ offices around the UK.

A Unite spokesperson said: “Our priority will be to press the company to ensure there are no compulsory redundancies.”

Lloyds Bank announced plans to close 15 branches in September, including Bristol’s Whiteladies Road branch, which will shut in March 2019.

New jobs are also being created as the bank grows its tech and digital divistion, and plans to invest more in training staff in this area.

The bank’s revenue also increased in the three months to September to £4.7 billion – up from £4.6 billion in September 2017.