Priya Patel
Lloyds Bank is eliminating 1,600 jobs as it focuses more on its digital banking offerings. The bank also plans to create 830 new jobs for its “relationship growth” team, which will offer services through branches, video meetings, and over the phone. Lloyds Bank is making these changes in response to the increasing number of customers managing their day-to-day banking online. The number of job cuts is slightly lower than initially expected, as the bank had considered cutting 2,500 jobs last year. Other banks, such as Barclays, have also made job cuts in response to the shift to digital banking. Last year, the world’s largest banks cut more than 60,000 jobs. Banks are also closing physical branches as more consumers turn to digital banking. Truist, for example, plans to close 3.5% of its branches in March. The rise of digital banking has been driven by the popularity of mobile banking apps, especially among younger generations. However, digital banking still faces challenges in areas such as applying for mortgages and conducting major financial transactions, which are often seen as best done in person.
