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)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.