Unite has reported that workers at Lloyds Banking Group have today heard that 1,300 jobs are to go across the bank’s risk, insurance, retail, wealth and international, and operations and corporate affairs units. According to the trade union, the bank currently has a widespread practice of employing agency and temporary staff while making thousands of [...]
Lloyds Banking Group has revealed that the Financial Services Authority’s (FSA’s) promised report on the near-collapse of HBOS will focus on activities at Bank of Scotland’s corporate division, pre-2009. The regulator commenced a supervisory review of HBOS in 2009 but last month FSA chairman, Lord Turner, told MPs that a report on the developments that [...]
Lloyds Banking Group posted a pre-tax loss of £3.25 billion for the six months to the end of June 2011, compared with a profit of almost £1.3 billion a year earlier, and a loss of just over £1 billion for the second half of 2010. The result accommodates a one-off provision for payment protection insurance [...]
Lloyds Banking Group’s divestment programme has met with a hitch with only two parties showing serious interest in the sale of 632 branches, according to the Sunday Telegraph. The newspaper names NBNK, a venture set up last year to buy branches from existing banks, and Co-operative Financial Services as the only formal bidders for the [...]
The Financial Services Authority (FSA) has plans to follow its long-awaited report into failures at the Royal Bank of Scotland (RBS) with a report into the near-collapse of HBOS. Failures at HBOS have so far resulted in an FSA enforcement investigation which is on going. However, in a recent letter to Andrew Tyrie MP, chairman [...]
Lloyds Banking Group has appointed Truett Tate, currently group executive director for wholesale banking, to the position of vice chairman, client coverage. In his new role, Mr Tate will be responsible for leading and co-ordinating the group’s corporate client coverage model, reporting directly to group chief executive, António Horta-Osório. Nathan Bostock, currently head of restructuring [...]
Lloyds TSB and HBOS would effectively be demerged if Lloyds Banking Group were forced to sell off more than 630 branches, the banking giant has claimed. The submission to the Independent Commission on Banking’s (ICB) interim report, cited by the Scotsman newspaper, comes as the bank seeks to resist calls for it sell off even [...]
The UK’s five-largest High Street banks have launched a mentoring scheme for small and medium-sized enterprises. Set up by Barclays, HSBC, RBS, Lloyds and Santander, the scheme will offer support on a range of issues, from finance to marketing and HR. Firms will receive support from networks of mentors, including current and retired bank staff. [...]
Lloyds Banking Group is to shed 15,000 jobs worldwide. The group intends to deliver £1.5 billion of annual savings by 2014 through “better end-to-end processes and IT platforms, a delayered management structure and simpler legal structure”. Cost savings should enable an additional £2 billion of investment over the period 2011 to 2014, focused as follows: [...]
Lloyds Banking Group is closing its call centre in Bridgend. According to a BBC report, the centre’s 700 staff will be offered redeployment, mainly at the group’s Cardiff office, and at its Swansea and Newport sites. Commenting on the closure, Unite national officer, David Fleming, says: “When the Bridgend site opened there was a significant [...]
With the Bank of England base rate remaining at an historic low for more than two years, Lloyds TSB has been taking a look at past trends for base rates since 1997, and has established the following: Looking at changes over the last fourteen years, reductions in the base rate have ranged from 0.25% to [...]
A surveyor is this week standing trial at the Old Bailey over an alleged £10 million mortgage fraud involving Bank of Scotland. According to a BBC report, Mary-Jane Rathie is accused of inflating London property values between May 2007 and June 2009, while working at the Finchley office of Ashdown Lyons. In return, she allegedly [...]
Lloyds Baking Group is expected to retain its Scottish Widows business, The Scotsman has reported. The strategic review set in motion on the arrival of Lloyds’ new group chief executive, António Horta-Osório, in March, had prompted rumours of a sale but according to the newspaper, the life and pensions provider is considered too valuable to [...]
Lloyds Banking Group is shedding a further 360 jobs and has plans to transfer a further 140 staff to another employer. According to Unite, today’s announcement involves staff cuts across the group’s insurance, wholesale and human resources functions. The trade union calculates total job losses since the 2008 merger of Lloyds TSB with HBOS at [...]
Lloyds Banking Group has announced the leadership of its executive management team tasked with implementing its divestment programme of retail and commercial assets (“Project Verde”). Paul Pester has been named as the chief executive officer of the Verde business, a role he assumes alongside his present post as managing director, Consumer Banking and Payments. The [...]
