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August 19, 2022
Finance Technologies

Lloyds spends big on tech projects as profits slump 72%

Lloyds Banking Group has spent a total of £4 billion on technology investments under its three-year digital transformation programme, which was earmarked with a £3 billion budget – a significant increase on the bank’s prior plan. Called “GSR3”, the project ended in December 2020 following a year which saw Lloyds’ profits dive from £4.39 billion to £1.2 billion, a 72% drop. Lloyds’ fintech partners include Thought Machine and Form3 The bank has steadily increased its technology spend since 2018. In 2018, it represented 16% of operating costs, or £1.3 billion. In 2019, technology spend accounted for 19% of operating costs,…
Lloyds spends big on tech projects as profits slump 72%

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