Lloyds targets another £2bn cost-cutting as half-year profit jumps by 23%

Lloyds said it was on track to have found more than £2 billion of gross cost savings between 2022 and 2026 (Lloyds Banking Group/PA) -

Lloyds Banking Group has revealed its profits have jumped by nearly a quarter, as its boss unveiled a new four-year plan to deepen the use of AI and further digitalise the bank to help drive a fresh £2 billion of cost cuts.

The banking group shared the new strategy which will come into effect from 2027 when the previous five-year plan under chief executive Charlie Nunn comes to an end.