Lloyds Banking Group Plc

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Lloyds Banking Group
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Headquarters London
Key People Group Chief Executive, António Horta-Osório
Products Mortgage Lender
Website www.lloydsbankinggroup.com
Releases Company News

Lloyds Banking Group plc Britain's largest mortgage lender. As of April 2010, the government held a 41 percent stake in the company.[1]

Lloyds TSB Group plc was renamed Lloyds Banking Group plc on Jan. 19, 2009 following the acquisition of HBOS plc.[2]

In April 2010, Lloyds said it had returned to profit in the first three months of 2010, thanks largely to falling bad-debt charges on its corporate and commercial lending.[3]

In August 2011, Lloyds reported a £2.3 billion ($3.78 billion) net loss. This was attributed to Irish bad loans, increased funding costs and $3.2 billion in compensation paid to customers who were sold faulty payment-protection insurance.[4][5]

Lloyds was one of several big banks whose employees were accused by regulators in 2014 of conspiring to manipulate the London Interbank Offered Rate LIBOR interest rate benchmark. The bank served on several panels of banks that helped set LIBOR rates tied to the dollar, the yen and other currencies.[6]

In July 2014 the CFTC charged Lloyds with false reporting and attempted manipulation of the LIBOR for Sterling, U.S. Dollar, and Yen committed by employees of Lloyds TSB and HBOS. The CFTC also brought and settled charges that Lloyds TSB, at times, aided and abetted the attempts of derivatives traders at Rabobank to manipulate Yen LIBOR. The Order required Lloyds Banking Group and Lloyds Bank to pay a $105 million civil monetary penalty.[7]

Key People

References

  1. Part-Nationalized Lloyds Banking Group Reports Return To Profit In Q1 As Impairments Slow. Business News.
  2. About Us: Lloyds Banking Group. Lloyds Banking Group.
  3. Lloyds Returns To Profit As Impairments Continue To Fall. MarketWatch.
  4. Lloyds Posts £2.3 Billion Loss. WSJ.
  5. Lloyds Banking Slips to Loss on Irish Bad Loans, Redress for Mis-Selling. Bloomberg.
  6. Lloyds in ‘Late-Stage’ Discussions to Resolve Libor Investigations. New York Times Dealbook.
  7. CFTC Charges Lloyds Banking Group and Lloyds Bank with Manipulation, Attempted Manipulation, and False Reporting of LIBOR. CFTC.