Lloyds Banking Group has confirmed 9,000 job losses and 200 branch closures as it moves to bolster its digital banking offering through a £1bn investment over three years.
The bank - 25%-owned by the taxpayer - said the job and branch cuts would take place as consumers' habits continued to shift towards online banking services.
Lloyds said it would be investing in remote advice services for customers, who would be increasingly expected to use online banking or self-service facilities within branches instead of dealing with staff face to face.
More than 10 million Lloyds Banking Group customers currently bank online while five million use its mobile banking services.
The news was contained in its latest results which showed a nine-month profit before tax of £1.61bn - 5% down on the same period last year.
Lloyds said the figure included an extra £900m provision for the costs associated with the payment protection insurance mis-selling scandal.
Sky News reported on Monday night that Lloyds and other major banks were all planning to put aside extra funds, giving them a combined provision of more than £22bn.
Lloyds accounts for half the total.
Underlying profits for the business, which includes Halifax and Bank of Scotland, rose 41% to £2.2bn in the third quarter.
Sources at the bank told Sky News it had already shed 45,000 jobs since its bailout at the height of the banking crisis.
The latest cuts represent around 10% of its current workforce of 88,000 and form part of its plans to "digitise" the bank.
Earlier this year, the British Bankers' Association published research showing that UK-based customers conducted almost 40 million mobile and internet banking transactions each week in 2013, a huge increase on the previous year.
The branch closures will mainly affect urban areas where there are already high concentrations of Lloyds branches.
Chief executive Antonio Horta-Osorio 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 will use these strong foundations as a basis for meeting the rapidly-changing needs of our customers, and sets out how we will grow the business in a way that will deliver increasing and sustainable returns for our shareholders."
Shares have been under pressure since the results of a European stress test to see how lenders would cope in maintaining the buffer of capital they hold in the event of a financial crisis.
Lloyds passed the test but performed the least well among UK banks, adding to fears that it may struggle when details of a further exercise by the Bank of England are published in December.
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