This morning, Lloyds confirmed it will axe 9,000 jobs and close 200 branches, although there are plans to open new 50 branches, meaning a net loss of 150.
The 9,000 going equals around 10% of the current workforce. The cuts will come into effect over there years and Lloyds aim to save £1 billion, which will be invested digitally as Lloyds move to further improve their mobile banking.
The announcement follows a series of bad news for Lloyds. The bank took a £900 million hit from problems arising out of PPI and its shares fell yesterday after it only narrowly passed the stress test, which measures whether banks can weather another economic crash.