Lloyds Bank to Cut 3,000 Jobs as Brexit Concerns Grow

lloyds

Lloyds Bank has this morning confirmed that it will be cutting 3,000 jobs and closed 200 branches. The bank mentioned concerned about the UK’s economic outlook following Brexit, and will mean that the bank will be closing a total of 400 branches this year.

António Horta-Osório, the Chief Executive of Lloyds, which is 10% owned by the British tax-payer said in a statement:

“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”.