Lloyds Targets Another £2bn Cost-Cutting After Scrapping Halifax Bank Brand
- On Thursday, Lloyds Banking Group reported £4.3 billion in pre-tax profit for the first half of 2026, up 23% from the same period last year and exceeding analyst expectations of £4.1 billion.
- Chief Executive Charlie Nunn unveiled the 'Accelerate 30' strategy, committing more than £13 billion over four years to transform how customers manage their money through digital and AI modernization.
- Deploying artificial intelligence across operations is central to Nunn's plan, targeting £2 billion in additional gross cost savings by 2030 while enabling the bank to "differentiate our services and grow more efficiently."
- Shareholders will receive an interim dividend of 1.58 pence per share, a 30% increase equivalent to £918 million, alongside a £1 billion share buyback announced in February.
- While the bank pursues international expansion, TUC general secretary Paul Nowak argued the strong results justify increasing the bank surcharge, even as analysts cautioned the new targets remain conservative.
30 Articles
30 Articles
‘It’s going to impact work’: Lloyds to cut £2bn in costs with AI
The boss of Lloyds Banking Group is preparing to wield the axe on its cost base as the bank doubles down on AI ambitions. Charlie Nunn, the chief executive of the financial services giant, said AI is “going to impact work” and “require us to reskill people and hire new people” as he revealed a new strategic plan for the blue-chip lender. Nunn is targeting around £2bn in cost savings by 2030 as part of a new plan dubbed Accelerate 2030. The banki…
Lloyds Banking Group set a goal to grow a fundamental profitability metric by 2030, reporting a high in profit before second-quarter taxes and expanding its stock buyback program. Exclusive to subscribers. To have full access, access the link of the subject and register.
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