July 28, 2016 1.05 pm This story is over 92 months old

Lincolnshire Lloyds branches facing the axe

More than 15 bank branches across Greater Lincolnshire have come under threat after Lloyds Bank announced it would double planned closures. An additional 200 branches will close across the country, despite the bank’s 101% rise in pre-tax profits. Lloyds Bank announced on Thursday, July 28 that the closures would result in a further 3,000 redundancies. In…
Photo: Emily Norton

More than 15 bank branches across Greater Lincolnshire have come under threat after Lloyds Bank announced it would double planned closures.

An additional 200 branches will close across the country, despite the bank’s 101% rise in pre-tax profits.

Lloyds Bank announced on Thursday, July 28 that the closures would result in a further 3,000 redundancies.

In a bid to cut costs, the banking group is already carrying out 9,000 redundancies. Lloyds attributes the change to the way that its customers are now using its services online rather than in-branch.

The bank aims to save £400 million by the end of 2017 but it is not known at this time which stores will be affected.

Last month the company reported a £2.5 billion pre-tax profit for the first half of 2016, up £1.3 billion from the same period last year.

Lloyds Banking Group CEO, António Horta-Osório, said: “We have delivered a good financial performance in the first half of 2016, doubling statutory profit and delivering strong capital generation along with continued progress on our strategic initiatives.

“Our differentiated retail and commercial business model together with the simplification and transformation of the business in recent years, and our prudent approach to risk, positions us well to continue to help Britain prosper and deliver strong returns for shareholders.”

The news comes after several banks including NatWest and HSBC have made similar changes across the country.