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Lloyds announces job losses while profits rise 41%

The group, which is 25% owned by the taxpayer, said it plans to "digitise" the bank, adding that it wants to simplify the business and be more efficient.

Meanwhile, third-quarter results showed underlying profits for the business, which includes Halifax and Bank of Scotland, up 41% to £2.2 billion.

Lloyds announces job losses while profits rise 41%.

Bottom line pre-tax profits were £693 million after taking into account one-off charges including a £900 million increase in provision for payment protection insurance (PPI) scandal.

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Report: Lloyds to cut 9,000 jobs over next three years

At least 9,000 jobs will be axed at Lloyds Banking Group over the next three years along with an unknown number of branch closures, Reuters has reported, citing sources.

The cuts would amount to 10 per cent of Lloyds' workforce and follow some 30,000 job axings by the company since the financial crisis of 2007 to 2009.

The Government still holds a 25 percent stake in Lloyds Banking Group after a £20.5 billion pound bailout in the wake of the financial crisis. Credit: Paul Faith/PA Archive

Reuters reported the job cuts will be announced by Chief Executive Antonio Horta-Osorio in a three-year strategy review next week.

The report said the increase of online transactions and automated bureaucracy will lead to the closure of some branches.

Scotland-based financial institutions see shares fall

Shares in Scotland-based financial institutions Royal Bank of Scotland, Lloyds Banking Group and Standard Life fell by more than 2% in the wake of the latest opinion poll.

Perth-based energy supplier SSE was also fell.

RBS and Lloyds have seen shares fall by 2%. Credit: Philip Toscano/PA Wire

Edinburgh-based Standard Life, which has been based in Scotland for 189 years, recently complained that it was still in the dark over "material issues" surrounding independence.

Sale of 35% stake in TSB nets £455m for Lloyds

Lloyds Banking Group's sale of a 35% stake in TSB will net the taxpayer-backed bank £455m.

The Initial Public Offering (IPO) will see 30% of the stock allocated to around 60,000 ordinary retail ivestors as TSB returns to the market as an independent company for the first time since its 1995 merger with Lloyds.

TSB is currently the seventh biggest UK retail bank with 631 branches and the IPO valued its shares at 260p each, giving the company an overall value of £1.3bn.

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TSB share sale 'an important step' for Lloyds

Lloyds Bank's sale of 35% of TSB shares is an "important step" for the company, according to chief executive Antonio Horta-Osorio.

The sale of the shares follows a 2009 decision by the European Commission to force the sell-off of TSB in order to increase competition in the UK banking sector.

Lloyds will have to sell off the remainder of its shares in TSB by the end of next year as part of the ruling.

Mr Horta-Osorio welcomed the move, saying: "The successful initial public offering of TSB is an important further step for Lloyds Banking Group as we act to meet our commitments to the European Commission."

Lloyds increases sale of TSB shares after strong demand

Lloyds Bank has increased the number of shares it is selling in TSB as a result of strong demand from investors.

The bank, a quarter of which is owned by the taxpayer, had initially decided to sell a 25% stake in TSB but has now upped the proportion to 35%.

TSB has been valued at £1.3bn. Credit: Nick Ansell/PA Wire/Press Association Images

The shares have been priced at 260p each, giving TSB a market value of £1.3bn.

Lloyds to sell shares in TSB at '220 pence to 290 pence'

TSB bank is to be valued at between £1.1 billion and £1.45 billion when Lloyds Banking Group sells a 25% stake in the bank towards the end of June.

ITV News' Business Editor Joel Hills tweeted:

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