Lloyds to Cut £2 Billion Costs and Invest £13 Billion in AI as Profit Jumps 14%
Updated
Updated · The Guardian · Jul 30
Lloyds to Cut £2 Billion Costs and Invest £13 Billion in AI as Profit Jumps 14%
3 articles · Updated · The Guardian · Jul 30
Summary
Lloyds unveiled a four-year plan starting in January to strip out another £2 billion of costs while investing £13 billion by 2030 in technology and AI to drive growth and efficiency.
AI sits at the center of the strategy, with tools for wealth and pension advice, personalized customer offers and support for relationship managers, while mortgage approvals could be cut to about three days.
Charlie Nunn said the savings drive will again target technology, office space and productivity, but he gave no details on job losses, saying AI will reshape work and require reskilling and new hiring.
The plan also pushes Lloyds beyond its traditional UK retail focus, expanding corporate and institutional banking in the US and Europe and building a one-stop app around car finance and EV services.
Second-quarter profit rose 14% to £2.3 billion, helping fund a 1.58p dividend and a £1 billion buyback; shares gained 1.7%.