BREAKING NEWS: Lloyds will axe 780 full-time branch jobs, according to trade union Unite

Lloyds Banking Group is to axe 780 full-time jobs in its branches, according to trade union Unite.

The High Street banking giant, which incorporates Lloyds, Halifax and Bank of Scotland, has been cutting back on jobs and branches in recent years, with 56 branch closures announced at the end of last month.

The news followed rival bank HSBC revealing yesterday that it will shut another 27 branches.

Unite said Lloyds told workers about the redundancies today and that jobs will go between June and October this year. 

At the end of last month, the banking group said that there 56 more Lloyds, Halifax and Bank of Scotland bank branches would close between April and October this year, triggering around 80 job losses.

Scott Doyle, Unite’s Lloyds Banking Group committee chairman, said: ‘The Bank of Scotland, Lloyds and Halifax branches hit by the extensive staff cuts today will have sent shockwaves through the communities which are at present served by highly experienced bank staff.’ 

He added: ‘Unite has pressed Lloyds to reconsider these job cuts and ensure that the bank remains rooted in the communities on which they depend for their long-term sustainability.

‘There is no doubt that customers need experienced and highly committed banking staff in their communities and not just at the end of the phone or via an app.’ 

Last week, Lloyds Banking group announced that its annual pre-tax profit had dropped by 26 per cent to £4.4billion, as the fallout from the payment protection insurance mis-selling scandal continued.

The bank admitted it would have to set aside a further £2.45billion last year to cover PPI claim costs, after a last minute rush of claims before the August 2019 deadline.

But it  said it did not set aside any further PPI charges in the fourth quarter, after a mammoth £1.8billion bill in the third quarter amid a rush of claims ahead of the August deadline. 

That brought the total it has forked out for pushing worthless insurance to £21.9billion.

Lloyds has already axed  branches up and down the country in the last two years, but January’s announcement marked the first new closures since last August. 

In a bid to reassure customers, the group said affected customers would still be able to access its services via Post Office branches and mobile sites which ‘visit many rural communities.’

Chief executive Antonio Horta-Osorio took home £4.73million in 2019

Lloyds shares were trading broadly flat at 51.89p today. 

A spokesman for the bank said: ‘As customers are using our branches less often, we are reducing the number of roles across our branch network.

‘This means we can shape our service according to customer behaviour and local demand.

‘Change does mean difficult decisions and we are focused on supporting our colleagues at this time.’

The high street lender has announced more than 10,000 job cuts since the Government sold off its stake in the lender to take it fully private in May 2017. 

Chief executive Antonio Horta-Osorio saw his 2019 pay package cut by 28 per cent as a result of the profits fall, but still took home £4.73million.