Lloyds Banking Group News

No time frame for the move was given.

The takeover of HBOS in 2008 caused Lloyds to suffer more than 25 billion pounds in losses, with the bailout leaving the government with a 43 percent state shareholding.

Shockwaves from Britain`s vote to leave the European Union rocked the economy on Thursday, with thousands of jobs lost at one of the country`s biggest banks, consumer confidence plunging, and construction and car sales slowing.

Lloyds Banking Group is to step up its cost cutting plans to help to offset a more testing economic environment caused by Britain`s vote to quit the European Union.

Now that markets have delivered their verdict on inflation - it`s not picking up any time soon - economic data due next week will show whether price pressures are rising meaningfully or falling back in some of the world`s major economies.

Britain has cut its stake in state-rescued Lloyds Banking Group to just under 20 percent after offloading another chunk of shares, the government said Tuesday.

Lloyds Banking Group has posted its first annual profit since a 2008 bailout by the British government, edging it closer to a return to full private ownership, results showed on Friday.

The Treasury announced in a statement that the sale has trimmed the government`s stake from 24.9 percent to just under 24 percent.

Britain`s state-rescued Lloyds Banking Group announced on Tuesday that it plans to cut 9,000 jobs by the end of 2017 to slash costs.

Lloyds Banking Group is to cut about 9,000 jobs, roughly a tenth of its workforce in the next three years, Sky News reported on Wednesday citing anonymous sources.

Britain`s state-rescued Lloyds Banking Group said Thursday that net profits slumped 57 percent in the first half, hit by compensation for insurance mis-selling and fines over Libor rate rigging.