Three of Britain’s biggest finance firms to axe more than 2,000 jobs as part of their relentless push online
Three of Britain’s biggest finance firms are to axe more than 2,000 jobs as part of their relentless push online.
Lloyds is cutting 780 full-time branch roles as it shrinks its presence on the High Street, blaming the switch by its customers to online banking.
And insurer Direct Line will slash around 800 jobs in the UK as it shifts emphasis to online customers.
Online drive: Three of Britain’s biggest finance firms – Lloyds, Direct Line and Virgin Money – are to axe more than 2,000 jobs
The cuts by the company, which also owns the Churchill and Green Flag brands, will affect almost 7 per cent of its 11,000 workforce.
It said the redundancies will take place predominantly between 2021 and 2022 and will include the closure of one of its sites.
Virgin Money said about 500 jobs are expected to go under further integration plans – following its merger with Clydesdale And Yorkshire Bank in 2018 – as it shuts 22 branches this year and consolidates 30 more within one of its nearby locations.
The cuts come as banks are under fire for abandoning rural communities by shutting hundreds of branches across the UK.
Lloyds Banking Group has closed 220 branches in the past two years and has earmarked another 56 for closure between April and October.
Trade union Unite said that its latest jobs cull was more evidence of the bank’s ‘profits over people’ culture.
*Troubled fashion firm Ted Baker is axing 160 jobs to save £7million a year and turn around the chain’s fortunes.
The cuts will come in the head office, where 102 staff will be made redundant and 58 vacant roles left unfilled. The executive team will be slimmed down from 13 to nine.