Lloyds Bank will cut 3,000 jobs and close 200 branches, despite doubling its profits in the first half of the year.
The Bank posted a pre-tax profit of £2.5 billion in the first six months of 2016, up from £1.2bn in the same period last year.
Those job cuts and closures come in addition to the 9,000 axed jobs and 200 branches announced in 2014.
Chief executive Antonio Horta-Osorio warned that Lloyds expects a "deceleration of growth" following the Brexit vote. He explained that the reasons behind measures to cut costs even further come in two areas - firstly, changes in the way people do their banking, and secondly the chances of interest rates being kept low for some time after the Brexit vote.
Mr Horta-Osorio did stress, however, that the bank was in a "strong position to withstand the uncertainty" generated by the vote to leave the European Union. Before the referendum, Lloyds Banking Group warned of short-term uncertainty if the UK voted to leave the EU, but said it was "unclear" what the long-term impact would be.
The bank is still part-owned by the taxpayer, with the government still holding roughly a 10% stake. The government had intended to sell the remainder of its stake sometime in the spring, but turmoil in the financial markets at the start of the year prompted then Chancellor George Osborne to delay the sale. And based on Lloyds' current share price, a sale is likely to be some way off.
When George Osborne delayed the sale, shares were valued at 64p each - below the 74p the government paid per share when it bailed out the bank in 2008. The price plunged to around 54-55p following the EU referendum result and has so far struggled to recover, meaning the government would make and even greater loss on its stake.
