Lloyds Bank Cutting 9000 Jobs

The video discusses the transformation in banking, driven by the rise of online services. Major banks like Lloyds are reducing their physical branches and focusing on digital solutions, affecting both customers and staff. While some customers embrace mobile banking, others, particularly older individuals, prefer traditional branches. Lloyds plans to close 200 branches and cut 9000 jobs by 2017. The bank is also introducing new digital payment services like Payam. However, financial challenges such as PPI mis-selling continue to impact profitability, prompting cost-saving measures. Despite these changes, Lloyds aims to maintain a strong branch network and improve customer services through innovations like virtual bank tellers.

What is one reason for the shift towards online banking mentioned in the video?

• Growing demand for online services

• Increased security concerns

• Government regulations

• Higher interest rates

Why is the shift to mobile banking sensitive for Lloyds Banking Group?

• It is 25% owned by taxpayers

• It has the smallest branch network

• It is a new bank

• It has no mobile app

What significant change did Lloyds announce regarding its branches?

• Closing 200 branches by 2017

• Hiring 9000 new employees

• Opening 200 new branches

• Increasing branch hours

What is the purpose of the Payam initiative?

• To enable payments using mobile numbers

• To offer loans online

• To increase branch visits

• To provide investment advice

What issue has affected Lloyds' profitability, as mentioned in the video?

• Increased competition

• Low customer satisfaction

• PPI mis-selling scandal

• High interest rates