Three Lincoln banks face closure as Lloyds sheds branches and jobs

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Three banks in the Lincoln area have come under threat of closure, putting jobs at risk, despite rising profits of Lloyds Bank.

Lloyds Bank branches, two of which are in Lincoln and one in North Hykeham, could be shut after an announcement on Thursday, July 28.

The group said it will be closing an additional 200 branches throughout the country, resulting 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 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 locations 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.

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