U.K.-based Lloyds Banking Group plc ( LYG - Free Report ) is closing 100 branches, as part of its plan announced last year. The branch closure will affect 54 Lloyds Bank branches, 22 Halifax branches and 24 Bank of Scotland branches. The branch closures, expected to occur in third-quarter 2017, will lead to 400 job cuts. However, as Lloyds plans to create nearly 90 new positions, the net impact will be lower. Lloyds' spokesperson said that the move is in response to the changing customer preference in doing banking transactions.