March 17, 2020 / 1:56 PM / 22 days ago

Lloyds Banking Group to delay investment plans as coronavirus hits

LONDON, March 17 (Reuters) - Britain’s Lloyds Banking Group will delay part of a 3 billion pound ($3.62 billion) investment programme in response to the coronavirus epidemic, Chief Executive Antonio Horta-Osorio told an investment conference on Tuesday.

A decline in economic activity as the country goes into lockdown will eat into the bank’s fee income, Horta-Osorio said, meaning the bank will have to delay planned investments in technology in order to preserve its capital levels.

$1 = 0.8286 pounds Reporting By Lawrence White; editing by Simon Jessop

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