UK's Lloyds Bank out with results and statement earlier 28 July
- cuts and closures further to the 9000 and 200 already announced in 2014
- £2.5bln pre-tax profit for 2016 H2 vs £1.2bln H2 2015
In the same period last year, it made £1.2bln
rise was largely due to a sharp drop-off in payment protection insurance (PPI) compensation payouts, which dented previous profits.PPI has cost the bank more than £16bn since 2011
underlying profits at LBG down 5%
UK taxpayers still own 10% of Lloyds whose CEO warns of growth deceleration post-Brexit
The cuts/closures are being attributed to the increasing demand for online banking but it's still 3000 people out of work. Never a good thing but a bi-product of rapidly advancing technology/culture.
