Approximately 120 people on Island have lost their job at Lloyds Bank.
The news was confirmed in a statement issued this morning.
It says the bank will be creating 15 roles, but 135 are thought to be lost - with around 120 set to be on the Isle of Man.
The total number of employees on Island is thought to be around 400 - meaning around a quarter of employees have now lost their jobs.
The company says as customers increasingly use online or mobile channels, it has reduced the work in its Isle of Man PhoneBank and Payments Centre.
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