We announced in the final quarter of last year that we'd achieved our integration goal of GBP 2 billion of run rate synergies well before the 3-year target period. I'm pleased to report that over and above competing integration in the second half of last year, we've also begun to deliver simplification. You'll note the program's already generated savings of GBP 242 million run rate at December 2011. Now I regard that as a strong start.Rather than look at our performance on cost just for 1 year, it's worth looking at the longer-term trend. This slide shows the progression of costs for Lloyds Banking Group from the acquisition of HBOS in January 2009 to the present day. The pro forma cost base of the newly combined group was just over GBP 12.2 billion. It is now GBP 10.6 billion, down just over GBP 1.6 billion. This represents an absolute 13% reduction.
Lloyds Banking Group Plc's CEO Discusses 2011 Results - Earnings Call Transcript
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