Lloyds Said to Hire McKinsey to Plan Future After Bank Report

Lloyds Banking Group Plc hired McKinsey & Co. to advise on possible asset sales and restructuring after the U.K. government-appointed Independent Commission on Banking reports next week, according to two people with knowledge of the matter.

The consulting firm is providing advice on ways the 41 percent state-owned bank might reorganize its operations as the biggest mortgage lender and provider of checking accounts in the U.K., the people said, declining to be identified because the discussions are private. Other U.K. banks have held meetings with Treasury ministers and officials in recent weeks, a third person said.