Lloyds Bank 'safe for now' despite nationwide closures
future of Burnham-On-Sea's branch of Lloyds Bank could be threatened
by major cost-cutting plans announced this week.
which has a branch on the corner of Burnham's High Street and
College Street, said on Tuesday that it is cutting 9,000 jobs
and closing 150 branches in the next three years.
amounts to roughly 10% of its workforce. It was only in 2008,
following the financial crisis, that it cut 43,000 jobs.
bank says it is to first concentrate on urban branch closures.
A total of 200 branches will close with 50 new ones opening, according
to the bank. This means that 150 about 7% of its
2,250 branches will shut.
spokeswoman for the bank told Burnham-On-Sea.com: "It's too
early to say whether the Burnham's branch will be affected. No
decision has yet been taken on which branches are closing - the
locations will be announced over the coming year."
workers union Unite has called on Lloyds to offer a "no
compulsory redundancy guarantee".
Rob MacGregor said: "The wallets of top executives at Lloyds
should not be getting fat by forcing low paid workers onto the
there are compulsory redundancies or customer service suffers
then executive pay should be cut."
closures and job cuts are due to customers switching towards mobile
banking, the bank says. As a result, Lloyds will be investing
£1bn in digital technology over the next three years.