Lloyds To Cut 3,000 Jobs After Brexit Shock

Britain’s largest retail bank is planning a series of cost-cutting measures as it prepares for interest rates to drop following Britain’s decision to leave the European Union.

Despite reporting healthy profits of £2.5bn in the six months to June, more than double the figure achieved for the previous year, CEO Antonio Horta-Osorio has warned that he is expecting growth to slow.

“Following the EU referendum the outlook for the UK economy is uncertain and, while the precise impact is dependent upon a number of factors including EU negotiations and political and economic events, a deceleration of growth seems likely,” he said.

The group plans to save £400m by the end of next year as part of its commitment to improve efficiency and shed costs.