Lloyds targets £2 billion cost-cutting as profits riseLloyds Banking Group’s profits have jumped by nearly a quarter as it presses on with digitalisation plans amid a £2 billion cost-cutting drive. The banking group’s new strategy will come into effect from 2027 when a previous five-year plan under chief executive Charlie Nunn ends. Lloyds says it is on track to have found more than £2 billion of gross cost savings between 2022 and 2026, and is targeting a further £2 billion by 2030. It hopes to achieve the figure by continuing a digital transformation and modernising the bank’s technology, particularly from deploying artificial intelligence across operations. “We have strengthened our market leadership, built our digital and artificial intelligence capabilities, and enhanced our cost and capital leadership, while remaining on track to deliver our 2026 financial targets.”