Lloyds Banking Group has confirmed a reduction of 9,000 full time roles by the end of 2017.

It will also shed 150 branches over the next three years.

The group stressed that “over 90% of Lloyds and Bank of Scotland customers will continue to have a useable branch within five miles of their home, while the Halifax branch network will be maintained.”

Over the next three years, Lloyds Banking Group will invest about £1 billion in digital products and services.

António Horta-Osório, Lloyds Banking Group’s group chief executive, said: “Over the last three years the successful delivery of our strategy has ensured that we have become a safe, highly efficient, UK focused retail and commercial bank.

“The next phase of our strategy builds on these strong foundations to meet the rapidly changing needs of our customers, and sets out how we plan to grow the business to become the best bank for customers and deliver superior and sustainable returns for our shareholders.”