Lloyds Bank axes another 500 jobs in digital push

Britain's biggest high street bank Lloyds will axe hundreds more jobs as it pushes ahead with a £3bn scheme to offer more digital services. 

The bank, which has shrunk its workforce in recent years and cut more than a thousand roles in 2018, said on Wednesday that it was shedding another 490 jobs.

The latest round of losses will be offset by the creation of 220 new roles, the lender said, meaning 270 staff will lose their jobs. It insisted the "new roles, and the significant up-skilling of our colleagues" form part of a wider £3bn plan to invest in digital skills. 

A spokesman said the move involved making "difficult decisions" and the bank would work through the changes in a "careful and sensitive way". 

However Unite, the union representing staff across the bank, called the round of job losses "appalling" as the bank continues to spend money on temporary employees. 

"Unite has strongly objected to the reductions in sites and job roles announced today, especially against the backdrop of the continual use of agency staff and contractors," said Unite executive Rob MacGregor.

"Unite is demanding that Lloyds ceases the job cuts and closures in order to fully review the number of temporary and contract staff within the company."

The bank has not announced any further branch closures.