Lloyds Banking Group is cutting 3,000 jobs and shutting 200 branches as the lender braces for a cut in interest rates following Britain's decision to quit the European Union, it said.
The bank is putting the blame on changes to customer behaviour and anticipated cuts to interest rates following the vote for Brexit last month.
READ MORE: Warning: Recession in Scotland 'highly possible' after Brexit vote and unemployment to rise
Bank of England governor Mark Carney signalled a rate cut would likely take place during the summer and the City now expects rates will be cut from their 0.5% historic low on 4 August.
The cuts by the bank, which is nine per cent owned by the taxpayer, come on on top of 9,000 announced in a three year cost-cutting programme in October 2014 which were announced after 45,000 jobs had gone since the rescue of HBOS during the 2008 crisis.
READ MORE: Warning: Recession in Scotland 'highly possible' after Brexit vote and unemployment to rise
Lloyds, which also owns Halifax, employs roughly 75,000.
The bank had already earmarked 200 branches for closure by next year, so the latest announcement means that 400 will be shut by the end of 2017.
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