Lloyds is getting rid of 1,000 jobs as part of its digitally-focused restructure.
The bank, which is around 10% owned by the government, will reportedly today announce that the roles will be lost as it closes 150 branches, according to the Financial Times and Sky News.
Lloyds is investing £1.6 billion ($2.4 billion) into digital services and increased automation, which means less humans will be needed to help customers with day-to-day banking.
This is all part of Lloyds’ three-year plan to restructure the group. The strategy ends in 2017. Around 9,000 jobs will be lost in total. However, this restructure is set to help the bank achieve around £1 billion ($2.2 billion) a year in savings once completed.
Lloyds declined to comment to the Financial Times and Sky News on the report. Business Insider is currently waiting for a Lloyds representative to respond to a request for comment.
