Lloyds bank to axe 3000 jobs after Brexit

Lloyds Banking Group has announced that it will accelerate cost-cutting plan to cope with the uncertain economic climate and a probable beaten in loan demand as a result of the British decision to leave the EU. The english bank is ready to axe 3,000 jobs and close 200 branches, for a plan focus saving 400 million pounds within 2017.

Lloyds chief exectutive Antonio Horto-Osorio said: ““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.

“The UK, however, enters this period of uncertainty from a position of strength, following continued private sector deleveraging, significantly improved mortgage affordability and low levels of unemployment.”

Lloyds also published half-year results. The bank saved over 20 billion pounds of taxpayers – during the financial crisis – it was also the first to come out after the referendum just over a month ago. The group has doubled its net profit in the first half and confirmed that it can overcome the uncertainty of the post-Brexit. The profit amounted to 1.794 billion pounds (2.15 billion euro) against 874 million a year earlier. The revenues amounted to 8.9 billion pounds, slightly below the 2015 level.