1623 GMT - Lloyds closing 136 branches across the U.K. will help the company stay lean amid cyclical headwinds, Hargreaves Lansdown's Susannah Streeter writes. Mortgages issued during the pandemic are due for renewal but at less profitable levels, and customers are shopping around for better long-term savings rates, she writes. It is expensive to keep branches open for a few customers, especially as wage costs are set to rise, she adds. The closure of branches is open review at the request of local communities, and provisions for vulnerable clients who find online banking harder to access money still need to be made, Streeter notes. Shares trade up 1.3% at 0.62 pounds. (adam.whittaker@wsj.com)
(END) Dow Jones Newswires
January 29, 2025 11:23 ET (16:23 GMT)
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