Lloyds Banking Group has confirmed cuts to 305 staff and closures of 49 branches as part of its ongoing digitalisation plan.

The latest staff and branch reductions are part of a three year plan to shut and shrink its physical outposts in favour of a more digital, online approach.

As revealed in February, the banking group is investing more than £3 billion to deploy new technologies to drive operational efficiencies, while reducing operating costs to less than £8 billion per annum by 2020.

“Customers are increasingly choosing to use digital and mobile channels for their everyday banking needs,” read a statement. “As a consequence, the number of customers visiting some of our branches has declined in recent years. In response to this, we have confirmed the locations of some branches which will close next year across Lloyds Bank, Halifax and Bank of Scotland.”

The statement also explained that staff reductions would be made in some central back office functions.

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