On January 29, Lloyds Banking Group announced the closure of 136 branches in the United Kingdom to align with customers' increasing use of digital banking. Despite the closures, Lloyds confirmed that there will be no job cuts. The shift to mobile banking prompted by the COVID-19 pandemic has led to a broader industry trend of reducing traditional brick-and-mortar presence.
Lloyds has already closed several branches in England and Wales in recent years. Affected employees will be offered alternative positions within the company. The bank's stock was trading 1% higher at 1247 GMT, reflecting ongoing market activity.
The plan involves shutting down 61 Lloyds branches, 61 Halifax branches, and 14 Bank of Scotland sites between May 2025 and March 2026. Lloyds noted a significant decrease in in-branch transactions across all its locations in 2024 compared to the previous year.