Lloyds Bank to cut £2bn in costs as part of AI-powered strategy

Chief executive says the four-year plan will lead to greater efficiency but gives no details of potential job losses Lloyds Banking Group will cut another £2bn of costs as part of a four-year plan under which its chief executive will use new tech and AI to drive growth. Charlie Nunn said the strategy, which the UK’s largest high street lender will launch in January, would involve investing £13bn into the business by 2030, including for “pioneering technology” to lure new business, improve efficiency and increase payouts for shareholders. That will involve rolling out “AI-powered advice” for wealth and workplace pensions, and using it to offer personalised offers based on customer behaviour, and give “support and guidance” to relationship managers, who are assigned to specific accounts. While Nunn praised colleagues for guiding customers through “increasingly complex services, he said “we can make it even better, and even simpler, because we’re not good enough today, relative to our ambition”. When asked how staff would be affected by £2bn in planned cuts, Nunn said he would consider all the same business areas that were in the bank’s crosshairs over the p