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Lloyds to cut £2bn costs with AI and tech push over four years
Lloyds said it will invest £13bn into the business through 2030, including AI-powered advice for wealth and workplace pensions.
Lloyds Banking Group plans to cut another £2bn in costs as part of a four-year strategy that will use new technology and AI to drive growth, with the plan set to be launched in January, according to Guardian Business.
The bank said the effort will include investing £13bn into the business by 2030, and it will roll out what Chief Executive Charlie Nunn described as “AI-powered advice” for wealth and workplace pensions. Lloyds also plans to use the tools to generate personalized offers based on customer behaviour and to provide support and guidance for relationship managers assigned to specific accounts.
Nunn said the strategy is intended to improve efficiency and shareholder payouts, and he declined to provide details on how the cost cuts could affect staff. He said the bank would keep using levers such as better technology, reviewing physical office space, and improving productivity.
The strategy also calls for international expansion, with Lloyds aiming to grow its corporate and institutional bank in the US and Europe, alongside expectations that AI and blockchain could help reduce waiting times for mortgage approvals. Lloyds reported second-quarter profits of £2.3bn.