HALIFAX is axing one of its three Southampton branches as part of a national cost-cutting drive that could cost more than 300 jobs.

The building in Portswood Road, Portswood, is due to shut in October in a move that will result in customers having to bank online or use another branch.

A total of 49 branch closures across the country have been announced by banking giant Lloyds, which owns the Halifax.

The cuts will affect 41 Lloyds and eight Halifax branches.

Lloyds said about 1,230 jobs would be affected but insisted workers would be helped to find alternative roles with 925 new jobs available within the business.

However, about 305 staff are expected to lose their jobs.

Customers of the Portswood branch of the Halifax have received a letter that says: "After a recent look at the way customers use our branches in the Southampton area we have decided to close the Portswood branch.

"So from October 3 2018 you'll no longer be able to do your banking here. I'm sorry for any inconvenience this may cause."

An online message adds: "We continue to respond to our customers' changing needs.

"We now have over 13 million of our customers accessing services through Online

Banking and over nine million using our Mobile Banking app.

"Branches will remain vital in meeting customers’ needs but we must continually review

our network to make sure we have branches in locations where customers need and use them the most.

"Following a careful review, Portswood branch will close on October 3.

"We have made the difficult decision to close this branch because customers are using it less often. In addition the majority of customers are also using alternative ways to bank."

Portswood councillor Paul O'Neill said: "It's very disappointing and a real shame, but it's also a sign of the times.

"People are moving away from over-the-counter transactions and doing more and more banking online. But for those less familiar with the Internet the loss of a local branch can be a real struggle."

Southampton's other two Halifax outlets in Above Bar Street and Shirley High Street are due to remain open.

A Lloyds spokesman said: "The group’s policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge.

“Since 2011 over 90 per cent of role reductions have been achieved through a combination of natural attrition, redeployment and voluntary redundancy."