Lloyds confirms 9,000 jobs to be axed and 150 branches closed
Lloyds Bank confirms 9,000 job losses and the closure of 150 branches over the next three years
Lloyds today reported pre-tax profits of £1.6 million for the first nine months of the year, down slightly on the same period of 2013.
The group also said it would invest £1 billion in digital technology as more customers switch to mobile banking.
It also says it set aside an additional £900 million for Payment Protection Insurance (PPI) payouts in the three months to September, a scandal which has cost Lloyds in total, almost £11 billion.
Fines for the Libor rate-rigging scandal have topped £200 million.
The BBC’s business editor Kamal Ahmed told the Today programme that the government is unlikely to sell its remaining 25% stake in Lloyds before the next election, despite share prices taking a hammering yesterday after the European “stress test” results.
In September, the Group sold a further 11.5% holding in TSB. Following the completion of the sale, the Group now holds 50 per cent of TSB’s Ordinary Shares. TSB build and dual running costs in the first nine months were £197 million and £217 million, respectively.
George Culmer, chief financial officer said of the results: “The Group has continued to deliver a strong underlying performance and growth in statutory profit after tax.
“The strong profit performance together with further progress in reducing balance sheet risk, has driven the continued improvement in the key capital and leverage ratios.”