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Lloyds sheds 380 jobs, to create 435 new roles in digital push

Lloyds Banking Group PLC has slashed 380 jobs as part of a restructuring that will in turn create 435 jobs in its transformation division, Reuters reported, citing a spokeswoman for the U.K. lender.

The changes are part of a three-year strategy announced in February under which the lender aims to invest £3 billion in technology to boost its competitiveness amid the growing popularity of online and mobile services in the market.

Meanwhile, Lloyds Banking Group workers' union Accord said the move will hit commercial banking, people and productivity as well as the transformation divisions at the bank.

"Not all existing colleagues will have the transferable skills for the newly created roles and will mean some face redundancy," the union said.