Lloyds to close 200 branches

28 July 2016
Lloyds to close 200 branches

The Lloyds Banking Group has announced that they're going to close 200 branches, and with that, go 3,000 jobs as well across the UK.

To add to the cheerful news, they also announced that they're looking at cutting interest rates following the UK's EU Referendum. All-in-all, they're looking at saving £400 million in the process.

In a statement, they said: "Given the uncertainty, it is too early to determine the impact on our formal longer term guidance at this stage."

"However, while the business will remain highly capital generative, it is possible that this capital generation may be somewhat lower in future years than previously guided."

This follows the news that RBS Group, which includes NatWest, could be offering negative interest rates, which basically means some customers will be charged to keep money in an account that's in credit.

Just great.

Chief executive Antonio Horta-Osorio added: "Following the EU referendum the outlook for the UK economy is uncertain and, while the precise impact is dependent upon a number of factors including EU negotiations and political and economic events, a deceleration of growth seems likely."

"The UK, however, enters this period of uncertainty from a position of strength, following continued private sector deleveraging, significantly improved mortgage affordability and low levels of unemployment."

TOPICS:   Banking

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