Lloyds to axe 3,000 more jobs

Despite reporting a 101% increase in pre-tax profits, the bank plans to close 200 branches by 2017 and cut a further 3,000 jobs in addition to the 9,000 job losses it announced in 2014.

Lloyds reported a £2.5bn pre-tax profit for the half year to the end of June - a vast difference to the £1.2bn from the same period last year.

António Horta-Osório, Group Chief Executive, said:

"As a result of the continued successful delivery of our strategy in recent years, we are in a strong position to withstand the uncertainty in our sector and the wider market, both now and in the future. This gives me great confidence that we will continue to support the UK economy, help Britain prosper and become the best bank for customers and shareholders."