Lloyds Bank to cut further 520 jobs and close 49 branches

LONDON (Reuters) - Lloyds Banking Group (LLOY.L) is to cut a further 520 jobs as part of a three-year restructuring plan announced in October 2014 aimed at cutting costs and improving returns for shareholders.

The latest lay-offs will affect workers in divisions including retail, commercial banking, insurance, and consumer finance, the bank said on Wednesday. These follow on from about 5,500 net job cuts the bank has already made in 2016.

The net total of cuts is inclusive of 145 new roles that will be created across those business areas, Lloyds said.

A spokeswoman for Lloyds said all affected staff had been briefed by managers on Wednesday and the bank had notified workers' union Unite, which has been critical of past Lloyds job cut announcements.

The bank also said it would close 49 branches, beginning in the first quarter of next year, and introduce a new mobile banking service in some areas affected by the branch closures.

Loyds has closed 153 branches so far this year, the spokeswoman said.

On Oct. 26, the bank reported third-quarter profits largely unchanged from a year ago, defying expectations of a squeeze on earnings after Britain's surprise vote in June to leave the European Union.

Lloyds shares were down 0.5 percent at 1229 GMT, in line with slight losses at other British banks following the result of the presidential election in the United States.

(Reporting by Lawrence White; Editing by Rachel Armstrong and Jane Merriman)