Lloyds to replace people with technology - report

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Lloyds to replace people with technology - report

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Britain’s Lloyds Banking Group reportedly plans to cut about 9,000 jobs over the next three years – roughly one tenth of its entire workforce

People will be replaced by digital technology with the closure of some branches because of the growing number of transactions being done online.

The cuts will be announced as part of Chief Executive Antonio Horta-Osorio’s strategy review next Tuesday, sources have told Reuters and the Financial Times.

They are on top of the 30,000 jobs which the bank has axed since its 20.5 billion pound (26 billion euro) government bailout during the financial crisis.

Since Lloyds returned to profit the UK government had been selling its shares, but still holds a 25 percent stake.

More sales could come if Lloyds is giving permission by Britain’s financial regulator to start paying dividends for the first time since its bailout.

Lloyds declined to comment on the reports.