Lloyds Banking Group has confirmed it is cutting 9,000 jobs and closing 150 branches over the next three years.
In a strategic update on the business published today, the bank says it is targeting cost savings of £1bn a year by the end of 2017.
Lloyds says it will invest around £1.6bn over the next three years to build digital products and services, including “self service technology and investing in remote advice services”.
It also says it will also streamline its “legal entities, including our life companies.”
The bank has posted a pre-tax profit of £1.6bn for the nine months to the end of September, broadly level with the same period last year.
Lloyds has set aside a total of £2bn for “legacy and regulatory provisions”, including an additional £900m for payment protection insurance redress in Q3.
At the weekend Lloyds narrowly passed the stress test carried out by the European Banking Authority, with capital under adverse scenarios of 6.2 per cent against a 5.5 per cent benchmark.