Lloyds Banking Group will introduce a major change (Image: Getty Images)
Lloyds Banking Group, the owner of Halifax and Bank of Scotland, is set to revamp the way its branches operate in a significant shift towards enhancing customer access to services. Plans have been unveiled to enable customers to use their accounts at any branch within the group’s network, thus creating what Lloyds calls Britain’s “biggest combined branch network”.
Amidst a wave of bank branch closures nationwide – a sign of the burgeoning shift to online transactions – Lloyds has simultaneously emphasised an upgrade in its digital approach, focusing on improving its mobile app experience for users. Yet, this strategic move by Lloyds has sparked speculation and concern about potential job losses and additional branch closures.
Trade Union leaders express unease. General Secretary of BTU, Mark Brown, suggested that Lloyds might soon axe up to 233 branches due to these changes, jeopardising thousands of jobs. In contrast, Lloyds disputes such claims, challenging BTU’s legitimacy to make these forecasts, stating that the union is not recognised by them.
At present, it’s reported that Lloyds maintains 932 branches across the UK with 91 scheduled to shut in 2025 – this follows an already substantial reduction of 493 branches since June 2022.
Data from Which? indicates that banks and building societies nationwide have been closing an average of 53 branches monthly since January 2015. Various charities and organisations have voiced concerns that these widespread closures could neglect vulnerable and elderly customers who depend on in-person banking.
If your local branch is shutting down, basic cash or counter services can be conducted at your nearest Post Office. For instance, you can deposit cash and cheques, withdraw money, and check your balance.