Lloyds to axe 3,000 jobs

Lloyds Bank today announced it is axing a further 3,000 roles and closing 200 more branches by the end of 2017.

The cuts are in addition to the 9,000 job and 200 branch closures Lloyds announced in 2014.

Lloyds reported a £2.5bn pre-tax profit for the half year to the end of June, double what it made last year.

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

The Group said the increased cost-cutting was as a result of the change in how people do their banking, and due to the chances of interest-rates staying low in the wake of Brexit.

In a statement, the bank said: "We operate the UK’s largest branch network and the largest digital bank with over 12 million online users and more than 7 million users of our top-rated mobile banking app.

"Sixty per cent of customer needs are now being met digitally, and the digital channel is now the number one choice for customers taking out new loans or credit cards."