Lloyds share price falls as Vince Cable set to urge bank not to close the last branches in any town
Lloyds yesterday revealed a new three-year plan to cut 9,000 jobs and close 150 branches, as part of its longer strategy to adapt to the increasingly digital banking market.
But business secretary Vince Cable is expected to step in to urge all banks to make sure no town is left without a branch.
Its previous three-year plan included a promise not to close any branches on a net basis, and not to close the last branch in any given town. This pledge has now expired, though Lloyds maintains most of the closures will come in towns or high streets where two branches are very close together.
It came as the bank announced pre-tax profits of £751m for the third quarter, and underlying profits of £2.2bn. Part of the gap between the two came from another £900m bill for payment protection insurance compensation.
Lloyds shares fell 2.44 per cent.