Lloyds Banking Group is to cut 3,000 jobs and close 200 branches in the UK by the end of 2017.
The announcement comes despite more than doubling its profits in the first half of 2016 to £2.5bn. This was up from £1.2bn during the first half of 2015.
A Lloyds spokeswoman said the branches to close have not yet been identified.
The spokeswoman would not confirm whether a property advisor has been appointed to advise on the sell-off.
The plans are part of a strategy to make £400m of additional cost savings.
Lloyds Banking Group chief executive officer António Horta-Osório, said: “We have delivered a good financial performance in the first half of 2016, doubling statutory profit and delivering strong capital generation along with continued progress on our strategic initiatives.
“Our differentiated retail and commercial business model together with the simplification and transformation of the business in recent years, and our prudent approach to risk, positions us well to continue to help Britain prosper and deliver strong returns for shareholders.”
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