Lloyds planning to cut 9000 jobs, mostly retail

[menousername]

Thoughts on this?

Lloyds said to be planning 9000 job cuts, mostly impacting high st. banking and likely to involve branch closures.

Other banks likely to follow with estimates that 75% of high st. branches could close over the next decade. Other members have commented on other threads that they suspect the Barclays "Life Skills" and "help the old with facetime" ad campaign is motivated by a drive to make branch-dependent retail customers savy with online banking ahead of branch closures.

As well as the impact upon the high street, and unemployment, I always felt that retail banking was a very good career path for bright kids coming out of school without the finances to go to university. So the impact is all the more significant.

I know some people may comment that banks need to move with the times, remain profitable, etc. But a quick scan of publicly disclosed compensation for Lloyds CEO suggests appox. 1m salary, 1.4mio / 1.7mio bonus, and another 3mio misc. awards.

[anonymous-user]

I couldn't even tell you the year of the last time I went in to a bank branch.

[BGARK]

Its been years since I have had to physically go to a bank, other than the ones converted into Wetherspoons..

[JagLover]

menousername said:

I know some people may comment that banks need to move with the times, remain profitable, etc. But a quick scan of publicly disclosed compensation for Lloyds CEO suggests appox. 1m salary, 1.4mio / 1.7mio bonus, and another 3mio misc. awards.

Sounds about right for a PLC the size of Lloyds.

[bitchstewie]

Other than to use the cash machine I never go into my bank.

I don't like seeing people lose their jobs but harsh reality is you can't pay people to sit around waiting to see non-existent customers.