Lloyds Banking Group aims for £4 bn of cost cuts as half‑year profit jumps 23%

Lloyds Banking Group reported a 23 % rise in pre‑tax profit to £4.3 billion for the six months to June, beating analysts’ expectations. The bank said it had already achieved more than £2 billion of gross cost savings between 2022 and 2026 and is targeting a further £2 billion of cuts by 2030. The new "Accelerate 30" strategy, set to start in 2027 after the current five‑year plan ends, will deepen the use of artificial intelligence and digital technology, with a £13 billion investment over four years to reshape customer services and internal operations. Chief executive Charlie Nunn said the AI‑driven changes could enable services the bank has never offered before and will require reskilling and hiring, though no specific job‑cut targets have been announced. The plan also follows broader restructuring, including the recent removal of the Halifax brand and the closure of numerous high‑street branches.