Lloyds to axe 3,000 jobs and close branches

Ryan Fowler

July 28, 2016

lloyds

Lloyds Banking Group is set to axe 3,000 jobs and close 200 branches as it braces for a potential interest rate cut. 

The banking giant blamed the anticipated cut in response to the EU referendum for the lay-offs along with changes to customer behaviour.

LBG chief executive António Horta-Osorio said: “Following the EU referendum the outlook for the UK economy is uncertain and, while the precise impact is dependent upon a number of factors including EU negotiations and political and economic events, a deceleration of growth seems likely.

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“The UK, however, enters this period of uncertainty from a position of strength, following continued private sector deleveraging, significantly improved mortgage affordability and low levels of unemployment.”

The Bank of England signalled that a rate cut would take place during the summer and with a cut to 0.25% widely expected on 4 August.