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 [...]
According to weekend reports, Virgin Money is attempting to raise £2 billion from individual investors and private equity firms to fund acquisitions from Lloyds and Northern Rock. Virgin has long been linked to government plans to create three new retail banks from the sale of Northern Rock and the break up of Royal Bank of [...]
Lloyds Banking Group is believed to be considering offsetting some of its provision for payment protection insurance (PPI) mis-sales by clawing back bonuses. At yesterday’s annual general meeting, Lloyds chairman, Win Bischoff, told shareholders that the implications of the bank’s £3.2 billion provision for PPI mis-sales, announced earlier this month, are being considered by its [...]
Lloyds Banking Group has announced the appointment of Paul de Laat to the newly-created position of customer value management director. Mr de Laat joins the bank’s recently established customers & brands function, led by managing director Eva Eisenschimmel, which aims to align brand development with customer and business needs, ensuring an integrated approach across products [...]
Lloyds Banking Group has reported a loss of £3.47 billion for the three months to the end of March, compared with a £721 million profit in the same period of 2010. The result reflects a £3.2 billion provision for potential costs of customer contact and/or redress over sales of payment protection insurance. However, the part [...]
