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Lloyds Banking Group has announced that 49 branches will be closed. Those closures, along with reorganisation elsewhere at the bank, will affect 1,230 jobs. Lloyds says it is creating 925 jobs and existing staff will be redeployed "wherever possible". Of the 49 banks earmarked for closure eight belong to the Halifax network and the other 41 are Lloyds branches. After those cuts the group will have 1,750 branches in total.
Like other banks Lloyds has been reducing the size of its network as customers have switched to online and telephone banking. When chief executive Antonio Horta Osorio took over in 2011 Lloyds Banking Group had almost 2,900 outlets, of which more than 600 were were spun-off in 2013 under the TSB brand name.
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