Reuters exclusively reported that Britain’s biggest domestic bank Lloyds was cutting around 1,600 roles across its branch network, part of a renewed push by lenders to axe costs as tough economic conditions and pressure on margins prompt them to tighten their belts. It is the latest in a string of deep cuts made by British banks – including Barclays, as also reported first by Reuters in November. The story was widely picked up, including by Bloomberg, the BBC and Sky News, as well as several newspapers including The Guardian, The Times, The Telegraph, The Daily Mail and The Daily Mirror.
Lloyds to cut around 1,600 branch jobs in digital switch
Regulator the Financial Conduct Authority launched a review into the market earlier this month, which analysts at RBC estimated in a note on Thursday could ultimately cost Lloyds – a big player in the market through its subsidiary Black Horse – as much as 2 billion pounds ($2.6 billion). Analysts at Jefferies estimated a potential 1.8 billion pound bill for Lloyds, in a separate note on Wednesday.