28th October 2014
Government-backed Lloyds Banking Group is to axe 9,000 jobs and close 150 branches over the next three years.
The cuts come on top of 43,000 job losses at the bank, which also owns the Halifax and Bank of Scotland brands, since 2008.
The group had previously pledged to remain the “last branch in town” but it has now scrapped this promise and is looking at ways of getting more of its customers to bank online or use self-service facilities.
It set aside a further £900 million to cover potential compensation payments for mis-sold payment protection insurance, which has already cost the bank £11.3 billion
Lloyds posted pre-tax profits of £1.61bn for the year to the end of September, down 5% on the same period last year.
Lloyds is now 25% owned by the taxpayer and earlier this year it split off TSB as a separate business to comply with European Competition rules. It is slowly reducing its stake in TSB, which is now down to 50%.