‘It’s going to impact work’: Lloyds to cut £2bn in costs with AI Banking The boss of Lloyds Banking Group is preparing to wield the axe on its cost base as the bank doubles down on AI ambitions. Charlie Nunn, the chief executive of the financial services giant, said AI is “going to impact work” and “require us to reskill people and hire new people” as he revealed a [...]
Lloyds beats profit target as bank sets sights on more cost-cutting Banking Lloyds Banking Group beat its profit forecast for the first half of the year as the bank’s top boss laid out plans to make further cost savings in the years ahead. The FTSE 100 lender – which owns the Bank of Scotland and Halifax – recorded a £4.3bn pre-tax profit in the first half of [...]
Rachel Reeves to unveil next steps for ring-fencing reform at Mansion House Banking Rachel Reeves will outline the next steps of her ring-fencing reforms at Mansion House on Tuesday, City AM can reveal, in what is expected to be one of her last acts in the Treasury. The Chancellor will launch a consultation to seek industry input on the implementation of a package of reforms announced in May, including the [...]
Halifax ends 173-year high street run as Lloyds ditches branding July 1, 2026 Lloyds Banking Group is set to ditch its Halifax brand in a move that will end the retail bank’s 173-year run on the high street. The FTSE 100 titan – whose subsidiaries also include Bank of Scotland and Scottish Widows – said on Wednesday it would rebrand Halifax under the central moniker of Lloyds. Lloyds [...]
UK banks’ digital ID bid is a game of optics – and the odds are not in their favour July 1, 2026 A digital ID row has dominated headlines in the last year, and banks are set to join the row. In this week’s column, Samuel Norman takes a look at what they might be in for. Britain’s banks have voluntarily thrown themselves into one of the most toxic culture wars of the decade. Few subjects evoke [...]
Lloyds accused of debanking left-wing media outlet The Canary June 30, 2026 Lloyds Banking Group has been accused of debanking the left-wing news website The Canary in a move that has left the media outlet with “barely any funds”. The bank was slammed by the media firm on Tuesday for allegedly “withholding a substantial amount of our money” and debanking them after nearly a decade of use. [...]
Barclays and Lloyds join banking sector plan for digital ID June 25, 2026 Barclays and Lloyds are among a group of top UK lenders working on a plan that would see customers able to use digital identification tools in their banking app. The collective of banks – which also includes HSBC, Nationwide, Natwest and Santander – are working with industry body UK Finance on a process where users’ [...]
‘Very concerned’: City watchdog scolds motor finance lenders over £9bn redress scheme June 22, 2026 The City watchdog has warned motor finance lenders it is “very concerned” with how prepared the industry is to implement its £9bn redress scheme, City AM can reveal. The Financial Conduct Authority (FCA) fired out letters to over 100 firms last Friday following a review of the sector’s plans to implement its under-fire redress program. [...]
Motor finance revs up City watchdog’s PR spend June 22, 2026 The motor finance scandal has helped rev up the financial watchdog’s spend on public relations agencies as it fought to warn consumers of the risks of using claims management firms. The car mis-selling saga – where City banks have been put on the hook for billions in compensation over the use of ‘secret’ car deals [...]
HSBC targets $100m in savings with Google Cloud AI tie-up June 17, 2026 Europe’s biggest lender HSBC has sealed a a tech tie-up with Google where it aims to use AI to scout priority projects that could bank the firm $100m in “efficiency gains”. The FTSE 100 giant is planning to roll out Google Cloud across its operations in a deal that the bank says will allow 200 [...]