Lloyds Banking Group (LLOY) Share Price London Stock Exchange October 29
Having opened the day at 75.340p, Lloyds (LLOY) fell steadily throughout Tuesday dropping as low as 73.085p around midday.
The fall came as Lloyds confirmed that it will be cutting 9,000 jobs and closing 200 branches. However, Lloyds said that the closures are due to its desire to increase its digital banking offering through a £1 billion investment over the next three years.
Lloyds was also charged another £900 million to compensate customers for miss-sold loan insurance, Lloyds has now paid £11.3 billion to cover the cost of miss-selling payment protection insurance.
Lloyds’ shares have also been under pressure since the results of a European stress test to see how the bank would cope in maintaining the buffer of capital they hold if there is another financial crisis. While Lloyds passed, it performed the least well among UK banks.
Lloyds’ shares are down 0.71% for the week.