Lloyds Bank to shut 48 branches amid decline in customer visits

·4 min read
LONDON, UNITED KINGDOM - 2021/02/19: A couple walking past a branch of Lloyds Bank in London. (Photo by Dinendra Haria/SOPA Images/LightRocket via Getty Images)
Around 7,655 banks still remain on British high streets. Photo: Getty Images

Lloyds Banking Group (LLOY.L) is set to shut down another 48 of its branches, blaming a fall in the number of customers who visit them, as it seeks to further cut costs.

Up to 41 Lloyds Bank and seven Halifax branches will permanently close in the first half of 2022, bringing the group's total branches across the country down to 1,475. 

Lloyds has already closed 56 branches between March and April, and 44 are closing between September and November.

Vim Maru, retail director for Lloyds Banking Group, said: “Like many other businesses, we’ve seen people using our branches less frequently in recent years, and this decline is continuing.

“Our branches remain a fundamental part of how we serve our customers but we need to ensure the size of our branch network reflects the number of customers wanting to use them.”

The closures come as online banking becomes popular. Lloyds said it has around 25 million customers, of which 18 million are active digital banking users, and more than 13 million are regular mobile app users.

Last month, financial analysis firm AskTraders said high street banks will disappear from the UK by April 2032 if the current rate of closures continue.

Just 7,655 banks remain on British high streets, with an average of 55 banks closing every month for the past five years, the research found.

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Trade union Unite said Lloyds' branches were “much needed and valued” and that the move could lead to a possible loss of 178 jobs.

 “These closures will deny access to vital services and cash to thousands of customers who will be disadvantaged as a result,” it said in a statement.

“The loss of more than 170 highly experienced and skilled banking workers from our high streets and town centres will hurt the vulnerable, elderly and financially excluded the hardest,” the statement added.

Sharon Graham, Unite general secretary said the announcement was “a complete betrayal of the communities and staff who have long supported this highly profitable business.”

“Banks are leaving people behind in the rush to close bank branches and force consumers to go cashless to boost their mega profits. It’s a classic example of putting profits before people”.

Unite said the banking industry needs to have a legal commitment to protect access to cash and bank branches.

Of the closures the group has announced today, it said all have alternative access to cash within a third of a mile.

Despite 86% of Brits using online banking this year, 19% of people still visit a bank once a week or more, according to AskTraders. More than a third (39%) also said they visited the bank as regularly as they did five years ago.

In July, Lloyds announced a dividend and reported a pre-tax profit of £3.9bn on net income of £7.6bn in the first half of 2021. 

Analysts were expecting profits of £3.1bn on revenues of £7.35bn.

The healthy half-year profit compared with a loss of £602m made in the first six months of 2020. As with most banks, Lloyds set aside billions to cover a feared surge in bad debt linked to the pandemic, which pushed it into the red. 

Branch name and closing date

Lloyds Amesbury - 28/02/2022

Lloyds Atherton - 02/03/2022

Lloyds Attleborough - 16/03/2022

Lloyds Balham - 22/02/2022

Lloyds Berkhamsted - 09/03/2022

Lloyds Birmingham Cotteridge - 02/03/2022

Lloyds Birmingham Springfield - 16/02/2022

Halifax Bristol Whiteladies - 01/02/2022

Lloyds Brockworth - 07/03/2022

Lloyds Cambridge Cattle Market - 24/02/2022

Halifax Christchurch - 01/02/2022

Lloyds Coleford - 15/03/2022

Halifax Consett - 03/03/2022

Lloyds Crewkerne - 07/03/2022

Lloyds Darwen - 08/02/2022

Lloyds Dorking - 17/03/2022

Lloyds Earlestown - 10/03/2022

Halifax East Grinstead - 14/03/2022

Lloyds Garston - 03/02/2022

Lloyds Great Bridge - 17/02/2022

Lloyds Harpenden - 23/02/2022

Lloyds Hatfield - 01/03/2022

Lloyds Hull Holderness Rd - 10/02/2022

Lloyds Kings Cross - 03/02/2022

Lloyds Kirkby-in-Ashfield - 07/02/2022

Lloyds Leagrave - 15/02/2022

Lloyds Leatherhead - 15/03/2022

Lloyds Maldon - 15/02/2022

Lloyds Melksham - 15/02/2022

Lloyds Muswell Hill - 31/01/2022

Lloyds New Malden - 14/02/2022

Lloyds Oxted - 07/03/2022

Lloyds Penarth - 09/02/2022

Lloyds Ponteland - 08/02/2022

Halifax Portsmouth North End - 22/02/2022

Lloyds Portsmouth North End - 21/02/2022

Lloyds Prescot - 28/02/2022

Lloyds Runcorn - 01/03/2022

Lloyds Seaford - 17/03/2022

Halifax Sevenoaks - 24/02/2022

Lloyds South Kensington - 31/01/2022

Lloyds Southampton Hythe - 07/02/2022

Lloyds St Marys Isle of Scilly - 25/04/2022

Lloyds Sydenham - 21/02/2022 

Halifax Tewkesbury - 02/02/2022

Lloyds Tutbury - 14/03/2022

Lloyds Windsor - 08/03/2022

Lloyds Worthing George V Ave - 02/02/2022

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