Lloyds will cut an additional 3,000 jobs and close 200 more high street branches in the wake of Brexit uncertainty and the move towards digital banking services.
These cuts are further to the current round, announced in 2014, where the bank is closing 200 branches and making 9,000 staff members redundant.
Lloyds’ decision to downsize its workforce and reduce the number of unprofitable branches comes despite reporting a 101% increase in pre-tax profits to £2.5bn for the six months to the end of June 2016.
However, chief executive Antonio Horta-Osorio warned that the bank expected a “deceleration of growth” in the coming months following the UK’s decision to leave the EU on 23 June, and these changes would help strengthen the bank’s position.
Lloyds shares fell nearly 4% in early trading.
Lloyds remains 10% owned by the British taxpayer.