Digital Headwinds

The UK’s largest retail bank, Lloyds, announced that it is to cut a further 3,000 jobs (from a workforce of 75,000). The announcement coincided with a comment from CEO Antonio Horta-Osorio about the prospect of slow growth attributable to Brexit. However, in a reminder that there are stronger headwinds than Brexit, Horta-Osorio confirmed that this was a pre-referendum decision, based on the trend to digitalisation of retail banking. This decision will be more impactful on the UK’s high streets where a further 200 branches are to close, than the City of London office market.