LLOY Lloyds Banking Group Plc

By Adam Clark

Lloyds Banking Group PLC (LLOY.LN) said Monday that it will create 500 new computing jobs at a technology hub in Edinburgh, Scotland.

The U.K.'s largest retail bank said the plan was part of its previously announced 3 billion-pound ($3.8 billion) investment program. The hub will provide support for its Lloyds Bank, Bank of Scotland, Halifax and Scottish Widows operations.

"We're working with the industry to strengthen our tech-based talent pool in Scotland, which will not only benefit customers of Lloyds Banking Group, but support the development of technology, skills and talent in the fastest growing digital economy outside London," said Philip Grant, chair of Lloyds's Scottish Executive Committee.

British banks are under pressure to ramp up their digital spending as money pours into London's financial-technology sector. Digital banking apps such as Monzo and Revolut have claimed multibillion-dollar valuations in recent years and rapidly growing customer numbers. Japanese technology giant SoftBank Group Corp. (9984.TO) has led investments worth over $1 billion in business-focused British fintechs OakNorth and Greensill this year.

Lloyds's investment also comes amid controversy about cuts to branches, with lawmakers on the parliamentary Treasury Committee saying last week that branches may need to be forced to maintain their physical networks.

Mr. Grant told the BBC on Monday that he expects Lloyds to still have branches in Scotland in 30 to 40 years.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

May 20, 2019 06:38 ET (10:38 GMT)

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