LLOY Lloyds Banking Group Plc

By Ian Walker

Lloyds Banking Group PLC said Friday that it will close 40 branches between April and June this year due to falling customer visits.

The FTSE 100-listed bank said that it will be closing 22 Lloyds Bank branches and 18 from Halifax adding that visits in these branches over the past five years have fallen around 60% on average.

Lloyds said that there won't be any job cuts as a result of the closures as all staff will move to a role at another branch or in another part of the business.

It said that at the same time the digital bank has continued to grow with 19.8 million regular online banking customers and 16.6 million using mobile banking.

"Branches play an important part in our strategy but we need to have them in the right places, where they are well-used. We'll continue to invest in branches that are being used regularly, alongside our online, mobile app and telephone services," a Lloyds Banking Group spokesperson said.

"All of the branch locations announced for closure have at least one free to use ATM within a third of a mile and a Post Office within the same distance."

Earlier this week banking peer Barclays PLC announced a number of branch closures, also citing changing customer behavior. It said that, with the exception of Central London, every time a branch closes it opens a pop-up site in community settings such as town halls or libraries.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

January 20, 2023 08:19 ET (13:19 GMT)

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