lloyds banking group plc-adr (LYG) Key Developments
Lloyds Announces Job Cuts as Restructure Bites
Jul 1 15
Lloyds Banking Group plans to cut hundreds of jobs across the business as part of a radical restructure. The bank has announced 635 net role reductions across its retail, commercial banking, consumer finance, risk, finance, human resources and group operations divisions. The net total includes around 65 new roles that will be created as part of the restructure. The job cuts are part of a group-wide effort to reduce costs by £1 billion. Around 15,000 roles in total are expected to be axed in the restructure.
Champneys Henley Files Lawsuit Against Lloyds Banking Group for Alleged Mis-Selling of Libor-Based Swap
Jun 30 15
Champneys Henley filed a £17 million lawsuit against Lloyds Banking Group Plc for allegedly mis-selling an interest rate swap. The company claims that it did not understand the product and the risks involved when it took it from the bank in 2005. It also claims that the contract should be torn up because Lloyds bankers tried to manipulate the LIBOR rate on which the swap was based.
Lloyds Banking Group plc Announces Retirement of Carolyn Fairbairn as Non-Executive Director, Effective from October 31, 2015
Jun 29 15
Carolyn Fairbairn, a Non-Executive Director, announced that the Board of Lloyds Banking Group plc of her intention to retire from the Board on 31 October 2015 to take up the position of Director-General of the Confederation of British Industry (CBI) in November 2015. Carolyn has been a member of the Board since June 2012 and is a member of the Group's Audit and Remuneration Committees.
Goldman Sachs To Advise On RBS And Lloyds Sell Off
Jun 19 15
Goldman Sachs will pay a key role in selling off the taxpayer stakes in Lloyds Banking Group plc (LSE:LLOY) and The Royal Bank of Scotland Group plc (LSE:RBS). Goldman Sachs is replacing JP Morgan in advising UK Financial Investments, the body which looks after the taxpayer stakes in the bailed-out banks.
Lloyds Banking Group plc Presents at Goldman Sachs 19th Annual European Financials Conference 2015, Jun-17-2015
Jun 17 15
Lloyds Banking Group plc Presents at Goldman Sachs 19th Annual European Financials Conference 2015, Jun-17-2015 . Venue: Rome, Italy.