Lloyds Banking Group releases transcript of Barclays Global Financial Services Conference presentation by CFO William Chalmers

(AWP Alliance News) - Lloyds Banking Group's CFO William Chalmers outlined the bank's new Accelerate 2030 plan at the Barclays Global Financial Services Conference on Sept. 14, alongside Barclays analyst Aman Rakkar. Chalmers reiterated targets for return on tangible equity above 18% by 2028 and around 20% by 2030, with mid-single-digit income growth and a sub-45% cost-to-income ratio.

He flagged a step-up in cash investment from 2027, totaling about GBP 13 billion over four years, with heavier spending on technology "enablers" such as AI and data. On earnings, he pointed to structural hedge income rising by more than GBP 1.5 billion in 2026 to GBP 7 billion, then by a further GBP 1 billion in 2027 to more than GBP 8 billion, citing refinancing yields of about 4.6%-4.7% versus a Q2 yield of 2.8% on GBP 246 billion of the hedge.

On UK bank tax speculation, Chalmers said a levy increase was not the base case and estimated each 1% rise in the bank levy would cost Lloyds about GBP 75 million.

https://docs.publicnow.com/0B7DEA21F3893D482D791E4EC18384EFCD16164B

Disclaimer: This news brief was created using generative artificial intelligence. Lloyds Banking Group plc published the original content used to generate this news brief on September 16, 2026, and is solely responsible for the information contained therein.