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Lloyds Expected To Cut 9,000 Jobs

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http://www.bbc.co.uk/news/business-29734598

Lloyds Banking Group is planning to cut around 9,000 jobs - around a tenth of its entire workforce - over the next three years, the BBC understands.

The announcement is expected to come next Tuesday as part of chief executive Antonio Horta-Osorio's strategic review of the business.

The three-year plan is also expected to include some branch closures.

The cuts are believed to be in response to the shift of many customers from physical branches to online banking.

More job losses would mark the continuing decline in headcount at the bank since its near-collapse and bailout in 2008 and 2009, at the height of the financial crisis.

Since then it has axed 30,000 jobs, and announced a further 15,000 job cuts as part of a three-year plan in 2011.

More job cuts for the recovery.

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http://www.bbc.co.uk/news/business-29734598

More job cuts for the recovery.

Once these banks are fully computerised, I wonder how long it will be before they can be replaced by a smartphone app. e.g. we can all have a nominated account at the BoE. No interest, no loans, just basic current accounts.

I guess it's only their banking license that gives the current banks their privileged positions.

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