Lloyds Banking Group is set to axe about 700 jobs across its various divisions including retail, as part of its restructuring programme.
The layoffs will be made across the lender’s retail, commercial banking, consumer finance, risk, finance, human resources and group operations units.
At the same time, the bank also unveiled plans to create 65 new roles across these sectors, which will bring the net job cuts to 635.
The redundancies come as the bank looks to shut down nearly 150 branches, cut £1bn ($1.6bn) in costs by 2017, and invest in digital systems to cope up with the increasing adoption of online banking by consumers.
The bank said that it intends to deal with these changes with employees in a careful and sensitive way, adding that compulsory redundancies will be a last resort.