Lloyds Banking Group PLC (LSE:LLOY) (LBG) announced today that it will close a further 48 branches nationwide.
All are to close within the first few months of 2022, said the bank.
Today’s statement comes after 44 branches were closed in June and will reduce the number open from 1523 to 1475.
Three years ago, before the onset of Covid, the group had 1750 branches operational.
The closures comprise several Halifax branches, which fall under the Lloyds Banking Group brand.
Lloyds’s announcement comes at a time when the use of cash is falling and more and more people do their banking online.
ATM machine withdrawals had dropped by 43% in 2020, said network operator Link today, a fall that was the largely due to the Coronavirus pandemic which forced people to stay in-doors.
Sharon Graham, Unite general secretary said, “Banks are leaving people behind in the rush to close bank branches and force consumers to go cashless to boost their mega-profits. It’s classic example of putting profits before people.”
Lloyds will be releasing its quarter-three results for 2021 on the 28th October.