What is Lloyds Banking Group?
Lloyds Banking Group is a leading provider of financial and banking services to households and businesses in the UK. The group incorporates famous brands such as Halifax, Scottish Widows, Bank of Scotland and Lloyds. With a combined history of over 300 years, the Lloyds group operates in sectors including retail and commercial banking, insurance and consumer finance.
With a market capitalisation of $55.9 billion as of May 2017, Forbes ranked Lloyds Banking Group number 115 in its list of the world’s biggest companies. You can keep up to date with the latest Lloyds Banking Group share price at Capital.com.
Don’t confuse Lloyds Banking Group with Lloyd’s of London – the latter is the world’s leading insurance market, and provides specialist insurance services to businesses in over 200 countries.
Who are the key people at Lloyds Banking Group?
António Mota de Sousa Horta Osório, a distinguished Portuguese banker, has been CEO of Lloyds Banking Group since 2011. Horta Osório made the news at the end of that year when he took temporary sick leave due to exhaustion. He won a lot of plaudits for the open way he spoke about his problems, and for his decision to forgo a bonus that year. Under his leadership since then, the group’s financial performance has been turned around as it slims down to focus on UK domestic lending.
Another highly influential figure is Lord Blackwell, the Chairman of Lloyds Banking Group. He joined the board in 2012 and has extensive experience in banking, insurance, regulatory and public policy.
What is the modern history of Lloyds Banking Group?
The original Lloyds Bank dates all the way back to 1765. After growing rapidly in the late 19th and 20th centuries, it merged with TSB in 1995. Lloyds Banking Group was established in 2009 when Lloyds TSB acquired HBOS. The controversial acquisition was one of the big UK stories of the 2008-09 financial crisis, and Lloyds is still dealing with complaints about alleged misconduct at HBOS.
But Lloyds Banking Group has made great progress since the dark days of the banking crash. In the depths of the crisis, the UK government took a 43% share in the bank as part of its measures to stabilise the financial system. By May 2017 Lloyds was able to announce that the government had sold its last remaining shares in the group. It was a landmark moment – both for Lloyds Banking Group and for the UK banking sector as a whole.
What are the latest developments at Lloyds Banking Group?
Lloyds launched its high-profile Helping Britain Prosper Plan in 2014. The ongoing initiative aims to address systemic socio-economic issues such as Britain’s housing shortage, the skills gap in key industries, social mobility and social inequalities.
In February 2018 Lloyds Banking Group became the first FTSE 100 company to set a formal target to improve ethnic diversity among its senior executives.
Also in early 2018, Lloyds Banking Group announced it would axe around 1,000 jobs across six businesses as its CEO prepared a new strategic plan for the group. It said most of the cutbacks would take place across commercial banking, its chief information office, risk, community banking, wealth and insurance.
Our LLOY chart shows the latest ups and downs of the bank’s share price.
Where does Lloyds Banking Group operate?
Lloyds Banking Group has around 75,000 employees and over 2,000 branches across the UK. Its operational headquarters are in London, and its registered office in Edinburgh. Among the most well-known Lloyds brands and subsidiaries, Halifax is based in West Yorkshire, while Bank of Scotland and Scottish Widows both have their HQ in Edinburgh.
Where is Lloyds Banking Group traded?
Lloyds Banking Group is traded on the London Stock Exchange (LLOY) and is a member of the FTSE 100. It also has a secondary listing on the New York Stock Exchange (LYG). Check out Capital.com for the latest LLOY chart.