Lloyds Banks on AI for £2bn Cuts as UK Data Centre Boom Faces Grid Squeeze

Lloyds Banking Group announced a £2bn cost-cutting programme powered by artificial intelligence, with CEO Charlie Nunn confirming the technology will "impact work" and require both reskilling and new hires. The UK's largest high street lender is investing £13bn in technology by 2030 under its Accelerate 2030 strategy, targeting a cost-to-income ratio below 45% — down from 50% currently. The bank is rolling out AI-powered advice for wealth and pensions, using agentic AI to...