Name: Lloyds cuts office space as profits plunge
Uploaded: 2021-02-25T18:26:30.000Z
Duration: 1 min 13 s
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Lloyds Banking Group has a plan to restore profitability, it's going to take advantage of the trend for working at home on slash office space.

The lender plans to reduce its total footprint by 1/5 within three years.

The move comes after a big plunge in full year earnings.

On Wednesday, the bank reported pre tax profits off $1.7 billion.

That was less than a third off the previous year's level, though it still beat analyst forecasts.

The bank blamed mounting bad loans, which forced it to set aside billions of pounds to cover possible defaults to turn things around.

The firm is investing in its insurance and wealth management operations as well as aiming to cut costs.

Wednesday also saw bleak numbers from rival Metro Bank, which saw losses multiply it to warn that loan defaults would mount in the months ahead as government support for businesses winds down.

 As for office space, commercial property firms will be watching developments with alarm. 