World Economy

Another $1.45b Hit for Lloyds

Another $1.45b Hit for LloydsAnother $1.45b Hit for Lloyds

Lloyds Banking Group took another 900 million pound ($1.45b) charge to compensate customers for mis-sold loan insurance on Tuesday and unveiled plans to axe 9,000 jobs and about 150 branches to cut costs, Reuters reported. The extra payment protection insurance (PPI) bill will take the bank’s total costs for the issue to more than 11 billion pounds, representing well over a third of the industry’s bill. As part of a strategic plan for the next three years unveiled alongside third quarter results, the bank said it will invest one billion pounds in digital technology.