Lloyds Banking Group has appointed Andrew Bester, currently chief operating officer consumer banking at Standard Chartered Bank, as chief executive, wholesale. Mr Bester will join Lloyds in the third quarter of 2012 and report directly to group chief executive, António Horta-Osório. Having begun his career at Standard Chartered, Mr Bester re-joined the emerging markets bank [...]
Lloyds Banking Group has appointed Cathy Turner as its chief administrative officer. Ms Turner’s responsibilities include accountability for several group-wide functions such as the legal and corporate secretariat, human resources, audit and corporate brand. She will also be leading several strategic projects, one of which involves taking a look at the bank’s organisation design and [...]
Lloyds Banking Group has issued an update on its EU mandated sale of branches saying that while Co-operative Group’s bid is still on the table, discussions are no longer on an exclusive basis. The group has received renewed interest in its Verde business from NBNK and from now on will be considering other parties likely [...]
NBNK Investments has confirmed that it has submitted a revised proposal to Lloyds Banking Group to acquire its Project Verde package. The proposal includes a commitment to making no redundancies at Verde as part of the acquisition, no branch closures and a service-orientated approach to banking which includes becoming the first “no bonus” bank with [...]
Lloyds Banking Group is selling its onshore Dubai business to HSBC Bank Middle East. The group’s onshore presence in Dubai comprises retail, commercial and corporate banking operations with total assets amounting to around £482 million, as of 31st December 2011. This transaction is in line with Lloyds’ strategy of reducing its international presence although the [...]
In announcing yesterday’s annual results, Co-operative Banking Group gave a cool review of its proposed purchase of the 632 branches to be sold off by Lloyds Banking Group. Co-operative Bank has been granted preferred bidder status for the disposal and says the purchase forms part of its ambition to build stronger foundations in banking and [...]
Lloyds Banking Group has issued an update on project Verde and its proposed sale of branches to The Co-operative Group. Five key operational sites, which will provide telephony, banking operations and mortgage centre support to the Verde business, have been named as follows: Gloucester, Livingston, Birmingham, Sunderland and Swansea. Around 1,400 employees across the locations [...]
Trade union, Unite, has described as “brutal” today’s news that taxpayer supported banks are shedding 1,764 jobs across the UK. Lloyds Banking Group and Royal Bank of Scotland are cutting 1,300 and 464 jobs respectively. RBS’s cull is confined to its Private Banking Direct unit and will result in the closure of sites in Bristol [...]
The Council of Mortgage Lenders (CML) has appointed Iain Malloch as chairman of CML Scotland, succeeding Jim Dunn of the Scottish Building Society. Mr Malloch, who is head of mortgages for Lloyds TSB Scotland, commented: “Despite challenging conditions in the housing market in Scotland, as in the whole of the UK, we are seeing pleasing [...]
Lloyds Banking Group has announced that Glen Moreno, its senior independent director, intends not to seek re-election at the bank’s annual general meeting on 17th May, and will retire from the board on that date. Mr Moreno joined the board in March 2010, having been a non-executive director and senior independent director of Man Group, [...]
Lloyds Banking Group says it reduced the number of customer complaints reportable to the Financial Services Authority (FSA) by 24% in 2011, to 280,542 (2010: 366,975). Put another way, the group’s FSA reportable banking complaints fell from 2.1 per 1,000 accounts to 1.5 per 1,000 accounts. According to the bank, the ratio puts it in [...]
Lloyds Banking Group has posted a pre-tax loss of £3.542 billion for 2011 (2010: profit of £281 million), with the result including a £3.2 billion non-recurring provision for Payment Protection Insurance contact and redress costs. Income decreased 10%, to £21.123 billion, reflecting subdued lending demand, continued customer deleveraging and lower margins. The group’s banking net [...]
Days after making a commitment to its branch network and promising to keep the same number of branches for the next three years, Lloyds Banking Group says it is to make around 1,000 staff redundant, adding to the 28,000 job losses since the Lloyds TSB / HBOS merger, in 2008. According to trade union, Unite, [...]
Lloyds Banking Group has committed to keeping the same number of branches in its network for the next three years. The part state-owned bank has also pledge not to close a branch if it is the last one in a particular community. Commenting on the announcements, group chief executive, António Horta-Osório, says: “We want to [...]
Lloyds Banking Group has announced changes in its senior management structure as follows: Truett Tate, group executive director for wholesale, will retire this month. The sixty-one-year-old joined the group in 2003 as managing director, corporate banking, before being appointed to the Board in 2004. Andrew Gézcy, managing director of wholesale banking and markets, will report [...]
UKFI, which oversees the taxpayer’s interest in the UK’s rescued banks, has announced that Sir David Cooksey is retiring as chairman. Chief executive, Robin Budenberg, who joined UKFI in 2010 from UBS, will become chairman in his place. Jim O’Neil, who is currently responsible for UKFI’s investments in Lloyds and RBS, will become chief executive. [...]
Lloyds Banking Group will see the return of its group chief executive officer in January. Last month, António Horta-Osório had to take leave of absence on medical grounds but Lloyds’ board has since completed a rigorous process, including obtaining independent medical advice, to assess his ability to return and effectively lead the group. Mr Horta-Osório [...]
Lloyds Banking Group has named Co-operative Group as its preferred bidder for the 632 branches that it needs to sell under EC competition rules. The bank says it will now progress more detailed exclusive discussions with the Co-op, with the aim of agreeing heads of terms by the end of March 2012. At this stage, [...]
Lloyds Banking Group has committed to lending at least £12 billion to help Britain’s small and medium-sized businesses in 2012. In addition, the group’s SME Charter now includes a pledge to invest £20 million in community finance projects. The bank’s group director, commercial, John Maltby, comments: “Times have been tough for Britain’s small firms … [...]
