Market Chatter: Lloyds Banking Group Aims to Boost FinTech Position in UK

MT Newswires Live

03/06

Lloyds Banking Group (LYG) is looking to boost its position as leading financial technology company in the UK and cut technology costs by selling more customer data and automating governance checks, the Financial Times reported Friday, citing internal documents.

The documents, which were compiled by Chief Technology Officer Vic Weigler, showed that the company targets to shut down hundreds of internal applications and reduce IT costs by hundreds of millions of pounds a year by 2028.

Lloyds Banking Group did not immediately respond to MT Newswires' request for a comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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