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Lloyds to cut 6,000 jobs and create 8,000 digital roles

Lloyds bank branch
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Lloyds Banking Group is expected to confirm today it is cutting 6,000 jobs and creating 8,000 new ones as it overhauls its digital services.

Britain's biggest High Street lender has been trying to reorganise as more people bank online, rather than going into branches.

The 6,000 job cuts are expected to be spread across the bank and unions have been briefed.

Lloyds Banking Group has so far declined to confirm the reports.

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Bank branches to disappear by 2041

Cash machines

A card payment systems comparison site has predicted that cash machines and bank branches will only be around for another couple of decades or so in the UK.

Expert Market looked at the average year-on-year fall in both and used the data to project their disappearance.

It reckons ATMs will close at the rate of 2,600 a year and will have gone by 2037.

Bank branches will disappear soon after, with the last closing in 2041, it predicts.

Digital tax 'fair'

Today Programme

BBC Radio 4

Monzo, the digitial bank, has just completed a round of funding with investors that has valued the business at £1bn. This makes it a "unicorn" (a privately owned start up worth £1bn or more).

Tom Blomfield, the chief executive, said this was because of "word of mouth user love".

Asked about the new digital tax that was announced in the budget, and has caused controversy in the US for targeting the likes of Facebook and Amazon, he said it was "fair" that the big companies should pay a fair rate of tax.