In the latest move, the bank has announced to cut additional 3,000 jobs and shutdown 200 branches in a bid to offset impact from lower interest rates.
The lender aims to save £400m by end-2017 by implementing the cost-cutting plans.
The bank said in a statement said: “While the business will remain highly capital generative, it is possible that this capital generation may be somewhat lower in future years than previously guided.”
In October 2014, it announced to shed 9,000 jobs and shut down 200 branches over three years.
In June this year, Britain’s state-backed Lloyds Banking announced to cut 640 jobs and close 23 branches, as part of its three-year restructuring programme to reduce costs.
However, it planned to create 115 new positions across the group's operations, taking the net job losses in the move to 525, City A.M. reported.
The latest job cuts were announced despite a sharp increase in the bank’s pre-tax profits for the second quarter of this year.
Lloyds posted a 101% increase in pre-tax profits to £2.5bn in the April-June quarter compared to £1.2bn in the same quarter a year earlier. It revenues stood at £8.9bn in the quarter.
In June, Reuters reported that Britain's government shelved plans to sell stakes in Royal Bank of Scotland and Lloyds Banking Group this year following the Brexit vote.
Currently, the treasury holds 73% stake in RBS and 9% in Lloyds.
British Finance Minister George Osborne had planned to sell about £2bn worth shares in Lloyds to private retail investors later this year.
Image: Lloyds Banking Group head office. Photo courtesy of Lloyds Banking Group.
