Do not blame Brexit – Lloyds would have made those cuts anyway
Business Money editor, Robert Lefroy, commented:
“Today’s announcement that Lloyds is to shut 200 branches and axe 3,000 jobs was coming whichever way the Brexit vote went.
Branch transactions are down by 15%. Seven million customers now use the mobile app. It is brilliant, believe me, I managed to make five transactions involving two different accounts and some external payments while my wife was taking our granddaughter around the sheep at the Bath and West Show recently. Branches, sitting on expensive high street sites, are seeing ever less activity and cannot commercially justify their existence.
Many high street branches and local pubs, I managed to make extensive use of both to meet customers in my bank manager days, are on their way out and sad as it is, retail museum pieces have no place in an internet age where 60% of Lloyds’ customer needs are now processed digitally.
Lloyds’ own press release invited some Brexit style conclusions by media channels and I have great sympathy for those losing their jobs but the referendum result cannot be made the legitimate whipping boy for this decision by the bank.”
