The bank said it is going to close all 58 of its Black Horse personal finance centres, shedding 455 permanent jobs in the process. It reportedly plans to move their work to a centre in Cardiff.
In addition, 130 jobs stand to be lost in the bank's retail division because of a reduction in number of locations and other readjustments.
The bank is in the process of realigning operations after it acquired HBOS last year.
Lloyds said in a statement that it is "committed to working through these changes with colleagues carefully and sensitively".
The trade union Unite said it is strongly opposed to the job cuts and closing down of centres "at a time when many families are struggling to control their finances and businesses need access to credit".