A UK-wide banking group, which has fourteen branches across Gwent, is planning to cut 3,000 jobs and shut 200 branches in part linked the UK’s decision to leave the European Union.

Lloyds is preparing for a cut in interest rates while, at the same time, targeting £1.4 billion in cost savings by the end of next year.

Gwent is home to 14 branches – Blaenau Gwent: Abertillery, Brynmawr, Ebbw Vale and Tredegar; Caerphilly: Blackwood and Newbridge; Monmouthshire: Abergavenny, Caldicot, Chepstow and Monmouth; Newport: Maindee and Newport; Torfaen: Cwmbran and Pontypool.

Earlier this month, it was announced that the Newbridge branch would close in October, with the bank citing reduced usage as customers change the way they bank.

However, a spokesman from the banking group has confirmed that there are currently no plans in place regarding which other branches will be closing.

Lloyds expects the cuts to come into effect by the end of 2017, as the cost-cutting programme confirmed in 2014 would be extended.

Chief executive Antonio Horta-Osorio said: "Following the EU referendum the outlook for the UK economy is uncertain and, while the precise impact is dependent upon a number of factors including EU negotiations and political and economic events, a deceleration of growth seems likely.”

The announcement from Lloyds was made alongside results for the first half of the year, which saw statutory profits more than double to £2.5 billion.

However, Lloyds warned that Brexit could have an adverse impact on its future performance.

"Given the uncertainty, it is too early to determine the impact on our formal longer term guidance at this stage. However, while the business will remain highly capital generative, it is possible that this capital generation may be somewhat lower in future years than previously guided," the bank said, which is nine per cent owned by the Government.

The total number of jobs cut since the announcement of an efficiency drive in 2014 will stand at 12,000 by the end of next year.

Lloyds had already planned to close 200 branches nationwide, and this latest announcement will mean that 400 branches will close in total.

Next week, the Bank of England is widely expected to cut interest rates from 0.5 per cent to 0.25 per cent as the fallout from the Brexit vote intensifies.