Lloyds to cut 3,000 jobs and 200 branches as profits soar

lloyds bank

The group reported a £2.5bn profit for the half year to the end of June, compared with £1.2bn, reports The BBC.

However, chief executive Antonio Horta-Osorio warned that he expects a “deceleration of growth” following the UK’s decision to leave the EU.

The bank is blaming changes to customer behaviour and anticipated cuts to interest rates following the vote for Brexit last month. Mark Carney, the Bank of England governor, signalled a rate cut would take place during the summer and the City now expects rates will be cut from their 0.5% historic low on 4 August, reports The Guardian.

The bank had already earmarked 200 branches for closure by 2017 so the latest announcement means that 400 will be shut by the end of next year.

Almost 10% of the Lloyds is still owned by the British taxpayer.