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Gloucestershire Business News

Profits plateau at Lloyds

Britain's biggest high street bank is expected to report flat profits this week.

It is though that Lloyds Banking Group, which has a headquarters in Barnwood, will post pre-tax profits of £2.05bn in the first quarter, a slight increase on £2bn in the same period last year, as reported by Western Daily Press.

As the country's biggest mortgage lender, Lloyds is seen as a barometer for Brexit and economic uncertainty. When it revealed its full year results in February, including an increase in profits and big payout for shareholders, Lloyds was confident about the impact of Brexit.

But Royal Bank of Scotland has started to feel the pinch of the UK's departure from the EU, with businesses cutting spending, and it is likely this will hit Lloyds and other UK banks in the coming months.

Lloyds has cut 10,000 jobs since 2017 and has closed a large number of branches, including banks in Newent, Winchcombe and Cheltenham. However it says it is currently making its 'biggest ever investment in people', as it increases staff training and embraces new technology as part of its investment in its digital capabilities.

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