September 5, 2018 / 4:05 PM / a year ago

Lloyds cuts 380 jobs, also adds new roles

LONDON, Sept 5 (Reuters) - Lloyds Banking Group has cut 380 jobs as part of a re-organisation that will also see it create 435 new roles, resulting in a net increase of 55, the bank said on Wednesday.

The changes are part of the bank’s latest three-year strategy, which will see it invest 3.0 billion pounds ($3.9 billion) into technology and staff as it looks to adapt to the increasing popularity of digital banking and declining footfall in branches.

A Lloyds spokeswoman said the new roles will be created within engineering and design in order to offer more leading-edge products and services.

“Whilst today’s announcements will result in an overall net increase in the number of roles within our organisation ... it does involve making difficult decisions,” the spokeswoman continued.

“The group’s policy is always to use natural turnover and to redeploy people in the first instance.”

$1 = 0.7749 pounds Reporting by Emma Rumney, editing by Kirstin Ridley

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