Lloyds to Expand Insurance/Wealth Business & Cut Costs

24 February 2021

    Lloyds's has set out fresh targets to expand its lender's insurance and wealth business and further cut costs, as the bank resumed a dividend despite a sharp fall in profits for 2020.


    Lloyd’s has reported pretax profits of $1.7 billion, well down on last year’s pre-COVID-times results, but still exceeding analyst expectations. 


    A strategy update showed Lloyds aimed to offset pressure on profits, including from wafer-thin central bank interest rates by further cutting costs and increasing income from wealth management and corporate banking. The bank’s CEO had said he would increase funds from insurance and wealth customers by 25 billion pounds by 2023 and expands its currency and rates services for corporate customers.


    The company additionally mentioned it would cut office space by 20% within three years.


    The lender’s shares were seen up 2% by 09.47 GMT, amid a 0.6% fall in the wider FTSE 350 bank index. 

    *The products advertised are only available to clients under Fondex Limited Seychelles (SDL No: SD037).


Cookies on Fondex

The Fondex website uses cookies to optimise user experience.

These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.

Manage Preferences

You can customize your selection of which cookies you want to accept.

  • Essential

    These cookies are necessary for the website to function correctly and cannot be switched off.

  • Functional

    Functional cookies allow the website to remember users' preferences and the choices you make on the website such as username, region, and language.

  • Marketing

    These cookies are used to track visitors across our websites and show you more relevant ads. Marketing cookies also include third-party cookies from partners. For more information relating to data protection & collection please view our Privacy Policy and Cookie Disclosure.


The Company would like to inform you that it will terminate its operations under the "Fondex" brand by 30th of December 2022. If you wish to open a trading account, kindly visit topfx.com.sc