Lloyds to cut around 1,600 branch jobs in digital switch

LONDON, Jan 25 (Reuters): Britain's biggest domestic bank Lloyds is cutting around 1,600 roles across its branch network, a spokesperson for the lender said on Thursday, as part of an overhaul to provide more services online.

The cuts are part of a renewed push by banks to axe costs as tough economic conditions and pressure on margins from competition and peaking rates prompt them to tighten their belts, despite a year of robust profits for the industry.

Rival Barclays also slashed thousands of jobs last year, with the majority falling in the bank's back office support unit, Reuters first reported in November.