Lloyds TSB is to reduce the number of UK branch advisers who sell its financial products by a third, it was reported today.

LLOYDS TSB Group plc held its final dividend yesterday despite an 18% profit drop, but shares in Britain’s fourth-biggest bank lost ground as investors fretted about its future dividend policy.

The London market had a robust end to the week today, after being boosted by a strong opening on Wall Street.

Banking giant Lloyds TSB showed it was suffering from a sharp rise in bad debt provisions today as “unprecedented” economic and stock market turmoil left first half profits only marginally above a year ago.