Lloyds TSB announced an 8% fall in annual profits Friday after a 38% increase in bad debt provisions.
Peter Ellwood, the group Chief Executive, confirmed that retail banking profits had fallen due to increased High St competition.
The bank also announced a net reduction of 3000 in its workforce by 2004. It is believed that 5000 jobs will go in back office support roles in order to save £600m per annum, although the bank does have plans to create 2000 customer service roles.
Job Cuts At Lloyds TSB
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