Lloyds, Virgin Money cut jobs as UK bank customers shift online

Lloyds Banking Group and Virgin Money pressed ahead with hundreds of job cuts in the face of union opposition, as British banks try to keep up with customers moving online.

Lloyds is planning to axe 780 jobs as part of ongoing cost-cutting at Britain's biggest domestic bank, union Unite said on Wednesday.Meanwhile, Virgin Money said it would cut 500 jobs and close 52 branches, as it strips out costs after the takeover of Virgin Money by Clydesdale and Yorkshire Banking Group in 2018.British banks have shrunk since the financial crisis and have continued to cut staff in recent years in response to squeezed profit margins and growing demand for digital services.

Lloyds reported a 26per cent drop in annual profit last week after being hit by bad debts and billions of pounds of customer compensation."The decision by Lloyds Banking Group to cut the equivalent of 780 staff from its branches is yet more evidence of the bank's profits over people culture," said Scott Doyle of Unite.Lloyds issued guidelines last month on treating staff fairly after a rise in complaints to another union about working conditions across its dwindling retail network.

"This means we can shape our service according to customer behavior and local demand. Change does mean difficult decisions and we are focused on supporting our colleagues at this time."

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