Lloyds Banking Group is set to slash 640 jobs and shut down 23 branches as part of an aggressive cost-cutting programme that began in 2014.
The job cuts forms part of the bank’s strategy to cut about 9,000 jobs by 2017. The latest move takes the total number of layoffs made till date under the programme to 7,300.
The layoffs would be made in various units of the bank such as consumer banking, retail wealth management and technology operations.
However, the bank said that it will also create 115 jobs, which takes the net reduction of jobs to 525.
"We expect to continue to have the biggest branch network in the U.K. The group’s policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group," Lloyds said.
The branch closures will take place during October 2016, the bank confirmed.
Lloyds, rescued in a £20.5bn taxpayer bailout during the financial meltdown, made the move amidst uncertainty about the government’s plans to sell its remaining stake in the bank. The government still holds a stake of about 9% stake in the bank.