Will Thurrock’s Lloyds banks survive latest rounds of cuts?

LLOYDS has ramped-up its job-cutting scheme, axing a further 3,000 roles, even as it reported a 101% increase in pre-tax profits.

The bank also doubled its planned branch closures, with 200 more to be removed from the UK’s high-streets by the end of 2017.

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

There are Lloyds banks in Grays, Stanford-le-Hope and Corringham.

Lloyds reported a £2.5bn pre-tax profit for the half year to the end of June.

In the same period last year, it made £1.2bn.

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.

Mr Horta-Osorio emphasised that Lloyds was in a "strong position to withstand the uncertainty" created by the vote.

The bank has previously been hit by large payouts for payment protection insurance (PPI) compensation. The banks are expecting the scheme to be wrapped up soon.

Almost 10% of Lloyds is still owned by the British taxpayer.

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