News Tag: HBOS
February 26, 2010
Lloyds Banking Group, which is 41% owned by the taxpayer, has today posted a full-year loss of £6.3 billion.
Lloyds is the third major UK bank to report its 2009 results. Yesterday, Royal Bank of Scotland (RBS) posted a £3.6 billion loss, while last week, Barclays announced record profits of more than £11 billion - a 92% rise on the previous year.
However, Lloyds’ ...
Lloyds posts £6.3bn annual loss
by Kay Murchie
January 21, 2010
The Unite union has said Lloyds Banking Group is to axe 400 jobs as it closes its network of Black Horse home loans centres.
Since its merger with HBOS in September 2008, Lloyds has axed tens of thousands of jobs due to overlap within the banking giant.
In a further blow to staff, Unite said that a further 185 positions in the retail ...
Lloyds axes a further 400 positions
by Kay Murchie
November 30, 2009
Lloyds Banking Group has today confirmed it will axe more jobs with the closure of a contact centre in Brighton in May 2010.
The bank, which is currently 43% owned by the taxpayer, said the move will affect 535 employees, of which 162 will be transferred to other roles, leaving a reduction of 373 jobs.
The news comes just one week after the ...
373 more jobs go at Lloyds
by Kay Murchie
November 24, 2009
The Bank of England has today revealed that it lent £62 billion in emergency loans to Royal Bank of Scotland (RBS) and HBOS in autumn 2008 - at the height of the financial crisis.
At a parliamentary hearing, the Bank’s Governor, Mervyn King, said it "was to prevent a loss of confidence spreading through the financial system as whole" ...
BoE reveals £62bn lending to RBS and HBOS
by Kay Murchie
November 23, 2009
The trade union Accord has announced this morning that 700 jobs are set to go at Lloyds Banking Group’s offices in Aylesbury, Buckinghamshire.
Since its merger with HBOS last autumn, Lloyds has axed thousands of jobs due to overlap within the megabank.
Lloyds said it planned to move approximately 570 life, pensions and investments administration jobs from the Aylesbury offices.
Furthermore, ...
Lloyds wields the axe on another 700 jobs
by Kay Murchie
November 10, 2009
Lloyds Banking Group, which is 43% owned by the taxpayer, has today announced it will axe 5,000 jobs by the end of 2010, bringing its total number of job losses this year to 12,500.
Since its merger with HBOS last autumn, Lloyds has axed thousands of jobs due to overlap within the megabank.
However, a spokesperson for the banking giant said some ...
Lloyds axes a further 5,000 positions
by Kay Murchie
October 29, 2009
Lloyds Banking Group has today confirmed it is considering a rights issue, in order to repair its balance sheet which was battered following the takeover of rival HBOS, as well as avoiding participating in the Government’s Asset Protection Scheme (APS).
There has been speculation that the bank, which is 43% owned by the taxpayer, has been mulling over a multi-billion pounds rights ...
Lloyds confirms plans for rights issue
by Kay Murchie
October 25, 2009
Lloyds Banking Group is reported to be embarking on a massive fundraising scheme, in order to repair its balance sheet which was battered following the takeover of rival HBOS, as well as avoiding participating in the Government’s Asset Protection Scheme (APS) .
The bank, which is 43% owned by the taxpayer, is understood to be mulling over a £12 billion ...
Lloyds continues to explore ways to escape APS
by Kay Murchie
October 16, 2009
More than 400 jobs could be lost after Lloyds Banking Group has agreed to sell its Halifax estate agency business to LSL Property Services for £1.
It is expected that the sale will result in the closure of 121 Halifax banking counters located in estate agents.
More than 1,000 employees will be transferred to LSL after completion of the ...
Lloyds Banking Group agrees sale of Halifax estate agency
by Kay Murchie
August 25, 2009
Banking giant Lloyds Banking Group has today announced it is shedding a further 200 jobs, bringing its total to 7,500 this year.
The bank, which is 43% state-owned, said the latest job losses will affect the bank's general insurance arm in Newport, South Wales and West Yorkshire.
The latest round of job cuts will take place by the end of ...
Lloyds brings job losses total to 7,500 this year
by Kay Murchie
August 10, 2009
Shares in Lloyds Banking Group have fallen today on the speculation that the banking giant is looking to raise between £10 - £15 billion by selling new shares.
According to reports, the Treasury is said to be in support of the possible plans to raise cash from the stock market, which will therefore reduce the bank’s exposure to the Government's ...
Lloyds reported to be considering £15bn cash call
by Kay Murchie
August 5, 2009
Lloyds Banking Group is the latest bank to announce its first half results and the bank, which is 43% owned by the taxpayer, has slumped to a £4 billion loss.
While the bank had warned investors that it would make a loss this year - it wasn‘t as severe as many analysts had originally feared.
However, the bank has been forced to ...
Lloyds Banking Group reports first half loss
by Kay Murchie
July 31, 2009
Lloyds TSB's final salary pension scheme could be shut down as the bank looks to cut costs following the acquisition of HBOS. The bank plans to review all its benefits schemes in light of the acquisition, with the pension scheme as a likely cost-cutting target, a statement from the bank said. “When Lloyds Banking Group formed in January 2009, we said we would look to harmonise terms and conditions of employment for ...
Lloyds TSB reviews final salary pension scheme
by David MastersLloyds TSB's final salary pension scheme could be shut down as the bank looks to cut costs following the acquisition of HBOS. The bank plans to review all its benefits schemes in light of the acquisition, with the pension scheme as a likely cost-cutting target, a statement from the bank said. “When Lloyds Banking Group formed in January 2009, we said we would look to harmonise terms and conditions of employment for ...
July 16, 2009
Banking giant Lloyds Banking Group is shedding a further 1,200 jobs - just a fortnight after it announced 2,100 jobs would be axed.
The job losses now take the total 8,200, since its hasty merger with HBOS last autumn.
The bank, which is 43% state-owned, said the latest round of job cuts will be lost in IT support and in insurance services ...
Lloyds Banking Group reducing headcount - again
by Kay Murchie
June 30, 2009
Lloyds Banking Group has dealt yet another jobs blow to its staff with the news that it will axe another 2,100 jobs over the next three years.
Lloyds Banking Group, which is 43% state-owned, has shed thousands of jobs following its merger with HBOS last autumn. Since January, the banking giant has announced more than 7,000 job losses. ...
Lloyds Banking Group to axe further 2,000 jobs
by Kay Murchie
June 8, 2009
87% of new shares offered by Lloyds Banking Group have been bought by the bank’s shareholders.
Strong support was expected since the shares were offered at 38.43p - heavily discounted from last Thursday’s closing price of 67.1p.
Lloyds announced the cash call in order to replace the £4 billion of preference shares held by the Government in the bank for equity. ...
Lloyds shareholders respond strongly to cash call
by Kay Murchie
June 5, 2009
Shareholders in Lloyds Banking Group are set to grill the bank at today’s annual general meeting.
Directors of the bank have faced criticism from shareholders following the hasty takeover of HBOS last autumn, which left the group 43% state-owned.
The bank is expected to plunge into a loss this year, following the takeover of HBOS, which made losses of nearly £11 ...
Lloyds set to come under fire at AGM
by Kay Murchie
May 21, 2009
Lloyds Banking Group has hit the headlines again today with the news it is axing a further 210 UK full-time jobs - in addition to the 625 job losses announced on Tuesday.
The 625 job losses are as a result of the bank combining its corporate and small-business lending divisions together.
The 210 job losses are the result of merging ...
Further 210 jobs to go at Lloyds Banking Group
by Kay Murchie
May 17, 2009
Sir Victor Blank has announced he is to retire from the position as chairman at Lloyds Banking Group.
Sir Victor’s shock resignation comes as he and chief executive, Eric Daniels, have faced criticism from shareholders following the hasty takeover of HBOS.
According to Roger Lawson of the UK Shareholders' Association: "Almost all of the shareholders he has spoken to said he should go. He was ...
Lloyds chairman announces resignation
by Kay Murchie
May 6, 2009
Ethical banking is proving a popular choice for British savers, with record numbers signing up for accounts at the Co-operative.
The bank this week revealed that 123% more people have signed up for its current account this year compared to last year.
Customers are coming to the Co-operative, which has an ethical screening policy on its investments, from more traditional high street banks ...
Disillusioned savers switch to ethical banking
by David Masters
