Profits were already down 85% to £434m in first nine months of the year
Lloyds Banking Group has cancelled staff bonuses for 2020 after missing financial targets and recording a sharp drop in profits during the Covid crisis.
The bank told staff across its Halifax, Lloyds and Bank of Scotland brands on Thursday that it was making an early announcement on bonuses in light of the challenging economic outlook, and with profits already down 85% to £434m in the first nine months of the year.