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

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.