Lloyds to axe 3,000 jobs and close branches

Ryan Fowler

July 28, 2016

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.

“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.

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