View source for Company:Lloyds Banking Group

{{short description|British financial institution}}
{{Infobox company
| name = Lloyds Banking Group plc
| logo = Lloyds Banking Group logo.svg
| image = 25 Gresham Street (Lloyds TSB headquarters).jpg
| image_caption = 25 Gresham Street
| former_name = {{Ubl
| TSB Group Public Limited Company (1985{{endash}}1995)
| Lloyds TSB Group plc (1995{{endash}}2009)<ref name="CompaniesHouse" />
}}
| type = [[Company:Public limited company|Public limited company]]
| traded_as = {{plainlist|
*{{lse|LLOY}}
*{{nyse|LYG}}
*FTSE 100 component}}
| ISIN = 
| genre = 
| foundation = {{Start date and age|df=yes|2009|01|16|}}<ref group=note>{{cite web|url=https://www.sec.gov/Archives/edgar/data/1160106/000093041309002523/c57184_20f.htm|title=Lloyds Banking Group|publisher=SEC|access-date=6 December 2020|quote=Lloyds Banking Group uses the phrase 'the group was formed in January 2009'}}</ref>
| founder = 
| location = {{Plainlist|
* [[Place:London|London]], England, UK<br />(operational headquarters)
* [[Place:Edinburgh|Edinburgh]], Scotland, UK<br />(registered office)
}}
| locations = 
| area_served = {{wipe|United Kingdom}}
| key_people = {{plainlist|
*Robin Budenberg (chairman)
*Charlie Nunn (chief executive)}}
| industry = {{plainlist|
*[[Social:Bank|Bank]]ing
*[[Finance:Financial services|Financial services]]}}
| products = {{plainlist|
*[[Finance:Retail banking|Retail banking]]
*[[Finance:Commercial bank|Commercial bank]]ing
*[[Finance:Investment bank|Investment bank]]ing
*[[Finance:Private banking|Private banking]]
*[[General insurance]]
*Life assurance
*[[Finance:Pension|Pension]]s
*[[Finance:Investment banking|Investment banking]]}}
| services = 
| revenue = {{increase}} [[Finance:Pound sterling|£]]13.957 billion (2022)<ref name=results>{{cite web|url=https://www.lloydsbankinggroup.com/assets/pdfs/investors/financial-performance/lloyds-banking-group-plc/2022/full-year/2022-lbg-fy-results.pdf|title=Annual Results 2022|publisher=Lloyds Banking Group |access-date=22 February 2023}}</ref>
| operating_income = {{increase}} £6.928 billion (2022)<ref name=results/>
| net_income = {{decrease}} £5.555 billion (2022)<ref name=results/>
| aum = {{increase}} [[Finance:Pound sterling|£]]173 billion (2020)<ref>{{cite web|url=https://www.lloydsbankinggroup.com/assets/pdfs/investors/financial-performance/lloyds-banking-group-plc/2022/full-year/2022-lbg-environmental-sustainability-report.pdf|title=Total Assets Under Management|publisher=Lloyds Banking Group|date=31 December 2020|page=40}}</ref>
| assets = {{decrease}} £877.8 billion (2022)<ref name=results/>
| equity = {{decrease}} £47.5 billion (2022)<ref name=results/>
| num_employees = 58,000 (2023)<ref>{{cite web|url=https://www.lloydsbankinggroup.com/who-we-are/our-brands.html|publisher=Lloyds Banking Group |title=Our brands|access-date=14 February 2023}}</ref>
| parent = 
| divisions = {{plainlist|
*Consumer Lending and Consumer Relationships
*Business & Commercial Banking
*Corporate & Institutional Banking
*Insurance, Pensions & Investments}}
| subsid = {{plainlist|
*Lloyds Bank
*Bank of Scotland
*Scottish Widows
*Lloyds Development Capital
*Agricultural Mortgage Corporation
*Black Horse
*Lex Autolease}}
| website = {{nowrap|{{Official URL}}}}
| footnotes = {{reflist|group=note}}
| intl = 
}}

'''Lloyds Banking Group plc'''<ref name="CompaniesHouse">{{Cite web |date=1985-10-21 |title=LLOYDS BANKING GROUP PLC overview |url=https://find-and-update.company-information.service.gov.uk/company/SC095000 |access-date=2024-01-23 |website=Companies House |language=en}}</ref> is a British [[Finance:Financial institution|financial institution]] formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees.<ref>{{Cite web|title=Our brands|url=https://www.lloydsbankinggroup.com/who-we-are/our-brands.html|access-date=4 December 2020|publisher=Lloyds Banking Group|language=en}}</ref> Lloyds Bank was founded in 1765 but the wider Group's heritage extends over 320 years, dating back to the founding of the Bank of Scotland by the Parliament of Scotland in 1695.<ref>{{Cite web|title=Our Heritage|url=https://www.lloydsbankinggroup.com/who-we-are/our-heritage.html|access-date=4 December 2020|website=Lloyds Banking Group|language=en}}</ref>

The Group's headquarters are located at 25 Gresham Street in the [[Finance:City of London|City of London]], while its registered office is on The Mound in [[Place:Edinburgh|Edinburgh]]. It also operates office sites in Birmingham, Bristol, West Yorkshire and Glasgow.<ref>{{Cite web|title=Roles and Departments|url=https://www.lloydsbankinggroup.com/careers/roles-and-departments.html|access-date=4 December 2020|publisher=Lloyds Banking Group|language=en}}</ref> The Group also has overseas operations in the US and Europe. Its headquarters for business in the [[Social:European Union|European Union]] is in [[Place:Berlin|Berlin]], {{wipe|Germany}}.<ref>{{Cite web|title=Lloyds Bank GmbH |url=https://www.lloydsbank.eu/|publisher=Lloyds Banking Group}}</ref>

The business operates under a number of distinct brands, including Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows. Former Chief Executive António Horta-Osório told ''The Banker'', "We will keep the different brands because the customers are very different in terms of attitude".<ref name="thebanker1">[http://www.thebanker.com/Profiles/People/Big-Interview/Antonio-Horta-Osorio-moves-out-of-his-comfort-zone "António Horta-Osório moves out of his comfort zone"]. ''The Banker'', April 2011</ref>

Lloyds Banking Group is listed on the [[Company:London Stock Exchange|London Stock Exchange]] (LSE) and is a constituent of the FTSE 100 Index. It had a [[Social:Market capitalization|market capitalisation]] of approximately {{GBP|30.65 billion |link=yes}} as of 1 August 2022—the 19th-largest of any LSE listed company<ref>{{cite web|title=FTSE All-Share Index Ranking|url=http://www.stockchallenge.co.uk/ftse.php|access-date=4 December 2020|publisher=UK Stock Challenge}}</ref>—and has a secondary listing on the [[Company:New York Stock Exchange|New York Stock Exchange]] in the form of [[Finance:American depositary receipt|American depositary receipt]]s.{{TOC limit|limit=3}}

== History ==
===Origins===
{{details|Lloyds Bank|HBOS}}
Lloyds Bank is one of the oldest banks in the UK, tracing its establishment to Taylors and Lloyds founded in 1765 in Birmingham by button maker John Taylor and iron producer and dealer Sampson Lloyd II.<ref>{{cite web|url=http://www.lloydstsb.com/about_ltsb/lloyds_bank.asp |publisher=Lloyds TSB |title=Lloyds BankHistory |access-date=17 September 2008 |archive-url=https://web.archive.org/web/20080917232736/http://www.lloydstsb.com/about_ltsb/lloyds_bank.asp |archive-date=17 September 2008 }}</ref> Through a series of mergers, Lloyds became one of the Big Four banks in the UK.<ref>{{cite web|last=Kar-Gupta|first=Sudip|url=https://www.reuters.com/article/britain-banks-idUSL5E7K111Q20110901 |title=UK banks prepare for inevitable shake-up|work=Reuters|date=1 September 2011|access-date=14 April 2014}}</ref>

Bank of Scotland, which originated in the 17th century, is the second-oldest surviving UK bank after the Bank of England. In 2001, a wave of consolidations in the UK banking market led the former Halifax Building Society{{mdash}}which originated in 1853{{mdash}}to agree to a £10.8&nbsp;billion merger with Bank of Scotland.<ref>{{cite web|url=http://news.bbc.co.uk/1/hi/business/1312047.stm |title=BoS and Halifax agree merger |work=BBC News |date=4 May 2001 |access-date=30 July 2012}}</ref> 

Trustee Savings Bank (TSB) can trace its roots back to the first savings bank founded by Henry Duncan in Ruthwell, Dumfriesshire, in 1810. TSB itself was created in 1985 by an Act of Parliament that merged all the remaining savings banks in England & Wales as TSB Bank plc and in Scotland (except Airdrie Savings Bank) as TSB Scotland plc.<ref>{{cite web|url=http://www.lloydstsb.com/about_ltsb/tsb.asp |title=TSB Bank History |publisher=Lloyds TSB |access-date=17 September 2008 |archive-url=https://web.archive.org/web/20121011084801/http://www.lloydstsb.com/about_ltsb/tsb.asp |archive-date=11 October 2012 }}</ref>

==== Lloyds/TSB merger ====
[[File:Lloydsleeds.jpg|thumb|left|200px|Park Row Leeds branch of Lloyds Bank, with a sculpture of the black horse (called Cancara) in the foreground]]

In 1995, Lloyds Bank plc merged with TSB Group plc, forming Lloyds TSB Group plc.<ref name="merger">{{Cite news |url=https://query.nytimes.com/gst/fullpage.html?res=990CE2DA163EF931A25753C1A963958260 |title=Lloyds Bank to merge with TSB |work=The New York Times |date=12 October 1995 |access-date=17 September 2008}}</ref>

In 2000, the group acquired Scottish Widows, a mutual life-assurance company based in Edinburgh, in a deal worth £7&nbsp;billion.<ref>{{Cite news |url=http://news.bbc.co.uk/1/hi/business/the_company_file/375807.stm |title=Lloyds TSB buys Scottish Widows |work=BBC News |date=23 June 1999 |access-date=17 September 2008}}</ref> This made the group the second-largest UK provider of life assurance and pensions after [[Company:Prudential plc|Prudential]]. In September the same year, Lloyds TSB purchased Chartered Trust from Standard Chartered Bank for £627&nbsp;million to form Lloyds TSB Asset Finance Division, which provides motor, retail and personal finance in the United Kingdom under the trading name Black Horse.<ref>{{cite news|url=https://www.independent.co.uk/news/business/news/standard-chartered-wins-13bn-chase-deal-700061.html|title=Standard Chartered wins $1.3bn Chase deal|access-date=12 February 2012|work=The Independent|date=2 September 2000}}</ref>

Lloyds TSB continued to take part in the consolidation, making a takeover bid for Abbey National in 2001, which was later rejected by the Competition Commission.<ref>{{Cite news |url=https://www.telegraph.co.uk/money/main.jhtml?xml=/money/standfirst/2001/03/09/cnlods09.xml |title=Report damns Lloyds TSB's bid for Abbey National |work=The Telegraph |date=14 March 2001 |access-date=17 September 2008 | location=London}}</ref> In October 2003, Lloyds TSB Group agreed on the sale of its subsidiary NBNZ Holdings Limited{{mdash}}comprising the Group's New Zealand banking and insurance operations{{mdash}}to Australia and New Zealand Banking Group.<ref>{{Cite news |url=http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=3507900 |title=Lloyds TSB confirms possible sale of National Bank |work=NZ Herald |date=17 June 2003 |access-date=17 September 2008}}</ref> In July 2004, Lloyds TSB Group announced the sale of its business in Argentina to Banco Patagonia Sudameris S.A.<ref>{{cite web |url=http://www.hipotecario.com.ar/media/pdf/InformacionFinanciera/Bonos/Prospectos2007-en.pdf |title=Banco Hiptecario Prospectus Page 118 |publisher=Banco Hiptecario |year=2007 |access-date=17 September 2008 |archive-url=https://web.archive.org/web/20080923192504/http://www.hipotecario.com.ar/media/pdf/InformacionFinanciera/Bonos/Prospectos2007-en.pdf |archive-date=23 September 2008 }}</ref> and its business in Colombia to Primer Banco del Istmo, S.A.<ref>{{cite web|url=http://www.bnamericas.com/news/banking/Banistmo-Lloyds_deal_receives_regulator_approval|title=Banistmo-Lloyds deal receives regulator approval|publisher=BN Americas|date=26 November 2004|access-date=8 November 2013}}</ref>

On 20 December 2005, Lloyds TSB announced that it had reached an agreement to sell its credit card business Goldfish to Morgan Stanley Bank International Limited for £175&nbsp;million.<ref>{{Cite news |url=http://news.bbc.co.uk/1/hi/business/4544520.stm |title=Lloyds TSB sells Goldfish brand |work=BBC News |date=20 December 2005 |access-date=17 September 2008}}</ref> In 2007, Lloyds TSB announced that it had sold its Abbey Life assurance division to [[Company:Deutsche Bank|Deutsche Bank]] for £977&nbsp;million.<ref>{{cite news|url=https://www.telegraph.co.uk/finance/markets/2813187/Lloyds-sells-Abbey-Life-for-977m.html |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/markets/2813187/Lloyds-sells-Abbey-Life-for-977m.html |archive-date=12 January 2022 |url-access=subscription |url-status=live|title=Lloyds sells Abbey Life for £977m|access-date=12 February 2012|work=The Daily Telegraph|date=31 July 2007}}{{cbignore}}</ref>

==== Acquisition of HBOS ====
[[File:Bank of Scotland head office, Edinburgh.jpg|thumb|right|Head office of the Bank of Scotland at The Mound, Edinburgh]]

On 17 September 2008, the BBC reported that HBOS was in takeover talks with Lloyds TSB, in response to a precipitous drop in HBOS's share price.<ref>{{Cite news |url=http://news.bbc.co.uk/1/hi/business/7621151.stm |title=HBOS confirms Lloyds merger talks |work=BBC News |date=17 September 2008 |access-date=17 September 2008}}</ref> The talks concluded successfully that evening with a proposal to create a banking giant which would hold a third of UK mortgages.<ref>{{Cite news |url=http://news.bbc.co.uk/1/hi/business/7622180.stm |title=Lloyds TSB Seals Merger with HBOS |work=BBC News |date=17 September 2008 |access-date=17 September 2008}}</ref> An announcement was made on 18 September 2008.<ref>{{cite web|url=https://www.bbc.co.uk/blogs/thereporters/robertpeston/2009/12/how_hbos_escaped_closure.html |title=How HBOS escaped closure |first=Robert |last=Peston |work=BBC News |date=4 December 2009 |access-date=18 April 2011}}</ref><ref>{{Cite news|last=Warner |first=Jeremy |url=http://blogs.telegraph.co.uk/finance/jeremywarner/100002264/why-lloyds-gave-up-opportunity-to-withdraw-from-disastrous-hbos-deal/ |archive-url=https://web.archive.org/web/20091129105235/http://blogs.telegraph.co.uk/finance/jeremywarner/100002264/why-lloyds-gave-up-opportunity-to-withdraw-from-disastrous-hbos-deal/ |archive-date=29 November 2009 |title=Why Lloyds gave-up (sic) opportunity to withdraw from disastrous HBOS deal |work=The Telegraph |date=26 November 2009 |access-date=18 April 2011 |location=London}}</ref>

On 19 November 2008, the new acquisition and government preference share purchase was agreed by Lloyds TSB shareholders.<ref>{{cite web |url=http://www.investorrelations.lloydstsb.com/media/pdf_irmc/ir/2008/2008Nov19_LTSB_GM_Poll_Results.pdf |title=Lloyds TSB: Results of General Meeting |access-date=18 April 2011 |archive-url=https://web.archive.org/web/20110716055540/http://www.investorrelations.lloydstsb.com/media/pdf_irmc/ir/2008/2008Nov19_LTSB_GM_Poll_Results.pdf |archive-date=16 July 2011  }}</ref> HBOS shareholders overwhelming approved the deal on 12 December.<ref>{{Cite news|url=http://news.bbc.co.uk/1/hi/business/7778914.stm |title=HBOS shareholders back takeover |work=BBC News |date=12 December 2008 |access-date=18 April 2011}}</ref> Lloyds TSB Group changed its name to Lloyds Banking Group upon completion of the takeover on 19 January 2009.<ref>{{cite news |title=Lloyds HBOS merger gets go-ahead |url=http://news.bbc.co.uk/1/hi/business/7823521.stm |work=BBC News |date=12 January 2009 |access-date=16 March 2013}}</ref>

On 12 February 2009, Eric Daniels, the CEO of the Group, was questioned about the banking crisis during a session of the Treasury Select Committee of the House of Commons. One of the key issues concerned Lloyds' takeover of HBOS and the amount of [[Finance:Due diligence|due diligence]] carried out before the acquisition. Daniels said that a company would always like to do more due diligence on another company, but there are legal limits on how much is possible before an actual acquisition. Losses were slightly more than the £10&nbsp;billion originally identified by the due diligence owing to write-offs of property loans because of falling property prices and the lack of demand for it. The then-Chairman of Lloyds, Sir Victor Blank, said in August 2009 that losses had been "at the worst end of expectations", and that the Lloyds board was surprised by the speed at which the losses{{mdash}}which were caused by the unexpectedly sharp contraction of the world economy in late 2008 and early 2009{{mdash}}happened.<ref name=PestonInterview>{{Cite news | title=Robert Peston interview with Sir Victor Blank | first=Robert | last=Peston | work=BBC News | url=http://news.bbc.co.uk/1/hi/business/8214677.stm | date=22 August 2009 | access-date=6 January 2010}}</ref> This position was confirmed by Archie Kane, a senior Lloyds executive in Scotland, in evidence to the Scottish parliament's economy committee in December 2009.<ref>{{cite news|url=https://www.telegraph.co.uk/news/uknews/scotland/6710682/HBOS-was-finished-before-Lloyds-takeover.html |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/news/uknews/scotland/6710682/HBOS-was-finished-before-Lloyds-takeover.html |archive-date=12 January 2022 |url-access=subscription |url-status=live|title=HBOS was 'finished' before Lloyds takeover|access-date=12 February 2012|work=The Telegraph|date=2 December 2009}}{{cbignore}}</ref>

On 13 February 2009, Lloyds Banking Group said that the losses at HBOS were greater than had been anticipated, at around £10 billion. The share price of Lloyds Banking Group fell 32% on the [[Company:London Stock Exchange|London Stock Exchange]], carrying other bank shares with it.<ref>{{cite web|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4612681/Lloyds-shares-tumble-as-HBOS-slumps-to-10bn-loss.html |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4612681/Lloyds-shares-tumble-as-HBOS-slumps-to-10bn-loss.html |archive-date=12 January 2022 |url-access=subscription |url-status=live|title=Lloyds shares tumble as HBOS slumps to £10bn loss|date=13 February 2009|work=The Telegraph |access-date=20 March 2015}}{{cbignore}}</ref>

===October 2008 to January 2009===
[[File:Rather rebranded bank.jpg|thumb|The Aylesbury branch of Lloyds Bank, formerly the Bucks and Oxon Union Bank]]
On 13 October 2008, Prime Minister Gordon Brown announced a government plan for the Treasury to invest £37 billion ({{USD|64 billion}}, {{€|47 billion}}) of new capital into major UK banks{{mdash}}including [[Company:Royal Bank of Scotland Group|Royal Bank of Scotland Group]], Lloyds TSB and HBOS{{mdash}}to avert a collapse of the financial sector.<ref>{{Cite news|url=http://news.bbc.co.uk/2/hi/uk_news/politics/7666695.stm |title=Brown: We'll be rock of stability |work=BBC News |date=13 October 2008 |access-date=18 April 2011}}</ref><ref>{{Cite news |last=Jones |first=Sarah |url=https://www.bloomberg.com/apps/news?pid=20601102&sid=aCMY6HCQ_Tjc&refer=ukU.K |title=Stocks Rebound After Government Bank Bailout; Lloyds Gains |work=Bloomberg |date=13 October 2008 |access-date=18 April 2011 |archive-url=https://web.archive.org/web/20100321165747/http://www.bloomberg.com/apps/news?pid=20601102 |archive-date=21 March 2010 }}</ref> [[Company:Barclays|Barclays]] avoided taking a capital investment from the UK government by raising capital privately and HSBC moved capital to its UK business from its other businesses overseas.<ref>{{cite news |url=http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6860385.ece |work=The Times |archive-url=https://web.archive.org/web/20110612190311/http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6860385.ece |archive-date=12 June 2011 |title= How the government bailout saved our banks |first=Iain |last=Dey |publisher=Times Newspapers Ltd |date=3 October 2009 |access-date=6 November 2013}}</ref>

It was later confirmed that Lloyds TSB would have been required by the Financial Services Authority (FSA) to take additional capital from the government if it had not taken over HBOS.<ref>{{cite news |url=http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6860385.ece |work=The Times |archive-url=https://web.archive.org/web/20110612193941/http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6868827.ece |archive-date=12 June 2011 |title=Britain's banking crisis: how it happened |first=Katherine |last=Griffiths |publisher=Times Newspapers Ltd |date=3 October 2009 |access-date=6 November 2013}}</ref> After the recapitalisations and Lloyds' acquisition of HBOS, the UK Government held a 43.4% stake in Lloyds Banking Group.<ref>{{cite web|url=http://www.marketwatch.com/story/uk-government-to-take-434-in-combined-lloyds-hbos-group|title=U.K. government to take 43.4% in combined Lloyds, HBOS group|website=Marketwatch|date=12 January 2009|access-date=8 November 2013}}</ref>

===February to June 2009===
In February 2009, after it became apparent that the recession would be deeper than originally anticipated, the FSA was instructed to "stress test" the banks against a severe economic downturn. The FSA stated that the assumptions underlying the stress test were not intended to be a forecast of what was likely to happen, but to simulate a near catastrophic economic scenario. These assumptions included:
* A peak-to-trough fall in UK [[Finance:Gross domestic product|gross domestic product]] (GDP) of over 6%, with no growth until 2011 and returning to trend-rate growth in 2012;
* A rise in UK unemployment to just over 12%;
* A 50% peak-to-trough fall in UK house prices;
* A 60% peak-to-trough fall in UK commercial property prices.<ref>{{cite web|url=http://webcasts.lloydsbankinggroup.com/capitalraising/files/2009Nov3_LBG_GAPS_Alternative_Rights_Issue.pdf |title=Lloyds GAPS documentation |page=11 |access-date=18 April 2011}}</ref>

The conclusion from this exercise was that Lloyds would need additional capital if such a scenario ever occurred. Because the wholesale funding markets were effectively closed at the time, in March 2009 Lloyds made a deal with the UK government consisting of two elements:

* Redemption of preference shares. The £4&nbsp;billion of preference (non-voting) shares held by UKFI were repaid on 8 June 2009 following the issue of new ordinary shares{{mdash}}this avoided the payment of £480&nbsp;million annual interest to the Treasury and allowed Lloyds to resume payment of dividends when profits allowed. These new ordinary shares were initially available to existing shareholders through an open offer at 38.43&nbsp;pence that closed on 5 June 2009{{mdash}}87% were taken up. The remaining 13% were placed in the market on 8 June 2009 at 60&nbsp;pence. This open offer and placing was underwritten by the Treasury; if none of these new ordinary shares had been bought by existing shareholders or the open market, the government{{mdash}}as underwriters of the deal{{mdash}}would have bought them and their shareholding would have increased to a maximum of 65%. This did not happen; the government's holding remained at 43.4% and Lloyds became the first European bank to repay government "credit crunch" investment.<ref>{{cite web |url=http://www.lloydsbankinggroup.com/media/pdfs/investors/2009/2009Jun8_LBG_P&COO_Completion(US).pdf |title=Placing and Open Offer Completed |publisher=Lloyds Banking Group |access-date=18 April 2011 |archive-url=https://web.archive.org/web/20110720194437/http://www.lloydsbankinggroup.com/media/pdfs/investors/2009/2009Jun8_LBG_P%26COO_Completion%28US%29.pdf |archive-date=20 July 2011  }}</ref> Following the government's 43.4% participation in June's Open Offer, the average buying price of the government's total shareholding was 122.6&nbsp;pence.<ref>{{cite web|first=Tim |last=Sharp |url=http://www.heraldscotland.com/business/markets-economy/taxpayer-loss-from-rbs-and-lloyds-bail-outs-1.925914 |title=Taxpayer loss from RBS and Lloyds bail-outs |work=The Herald |date=12 October 2009 |access-date=18 April 2011}}</ref>
* Asset protection scheme. Lloyds agreed in principle to enter the government's asset protection scheme to insure it against potential future losses on previous loans{{mdash}}primarily on the old HBOS portfolio. The fee for this would have been paid for by the issue to the government of new 'B' (non-voting) shares, which could have increased the government holding to a maximum of c. 62%{{mdash}}or higher if the government had bought all the ordinary shares issued to redeem the preference shares.<ref>{{cite web|url=https://www.bbc.co.uk/blogs/thereporters/robertpeston/2009/09/lloyds_to_cut_use_of_taxpayer.html|title=Lloyds to cut use of taxpayer insurance|first=Robert|last=Peston|publisher=BBC|date=10 September 2009|access-date=8 November 2013}}</ref>

===June 2009 to present===
[[File:Lloyds Bank Building.jpg|thumb|King Street Manchester branch of Lloyds Bank, designed by Charles Heathcote in 1915.<ref>Wyke, Terry. [https://books.google.com/books?id=_h5hIINSn3cC ''Public Sculpture of Greater Manchester''] (p. 88). Liverpool University Press, 2004</ref><ref>Press, Susan. [http://www.citylife.co.uk/days_out/news/8148_manchester___lloyds_tsb_on_king_street "Manchester – Lloyds TSB on King Street"]. ''Manchester Evening News'', 8 September 2003.</ref>]]

Lloyds impairments peaked in the first half of 2009; by mid-2009 the asset protection scheme increasingly looked like a poor deal for Lloyds. Following negotiations, the government confirmed on 3 November 2009 that Lloyds would not enter the scheme{{mdash}}although RBS still would. Instead, Lloyds launched a rights issue to raise capital from existing shareholders; as an existing 43.4% shareholder the government chose to take part in this and thus maintained its shareholding at 43.4%.<ref>{{cite web |url=http://www.londonstockexchange.com/exchange/prices-and-news/news/market-news/market-news-detail.html?announcementId=10257587 |title=Stock Exchange announcement |publisher=London Stock Exchange |date=3 November 2009 |access-date=18 April 2011 |archive-url=https://web.archive.org/web/20100327222350/http://www.londonstockexchange.com/exchange/prices-and-news/news/market-news/market-news-detail.html?announcementId=10257587 |archive-date=27 March 2010  }}</ref><ref>{{cite web|url=http://webcasts.lloydsbankinggroup.com/capitalraising/files/FINAL_-_Analyst_Presentation.pdf |title=Lloyds Analyst Presentation |access-date=18 April 2011}}</ref> Following this, the National Audit Office calculated the government's average buying price for its entire stake in Lloyds to be about 74&nbsp;pence.<ref>{{Cite news|author=Jill Treanor |url=https://www.theguardian.com/business/2009/dec/31/taxpayers-make-loss-rbs-lloyds |title=guardian.co.uk |work=The Guardian |location=UK |date= 31 December 2009|access-date=18 April 2011}}</ref>

It was announced in the government's pre-budget report on 9 December 2009 that the forecast for the total loss to taxpayers for all the bank bailouts had been reduced from £50&nbsp;billion to £10&nbsp;billion{{mdash}}in part because of the restructuring of the government's asset protection scheme.<ref>[http://news.bbc.co.uk/1/hi/uk_politics/8403636.stm "Key points: The pre-Budget report at-a-glance"]. ''BBC News''. 9 December 2009.</ref> The final part of the December 2009 capital raise involved issuing new shares to debt holders in February 2010. This diluted existing shareholders{{mdash}}including the UK Government, whose shareholding was reduced from 43.4% to around 41%.<ref name="guardian1">{{Cite news|last=Fletcher |first=Nick |url=https://www.theguardian.com/business/marketforceslive/2010/feb/12/lloyds-banking-group-barclay |title=Taxpayers' stake in Lloyds Banking Group to drop after share issue |work=The Guardian |location=UK |date=12 February 2010 |access-date=18 April 2011}}</ref> The group sold its 70% stake in insurance company Esure to Esure Group Holdings on 11 February 2010. The share was valued at around £185&nbsp;million.<ref>{{cite news |title=Lloyds sells 70% stake in Esure |url=http://news.bbc.co.uk/1/hi/scotland/8510620.stm |work=BBC News |date=11 February 2010 |access-date=29 September 2013}}</ref>

On 4 November 2012, it was reported that Lloyds was considering selling its 60% stake in St James's Place Wealth Management to raise around £1&nbsp;billion.<ref>{{cite news|url=https://www.reuters.com/article/us-lloyds-idUSBRE8A308120121104|title=Lloyds mulling St James's Place stake sale: report |work= Reuters}}</ref> In April 2013, Lloyds sold its loss-making Spanish retail operation{{mdash}}originally Banco Halifax Hispania{{mdash}}and the local investment management business in Spain to Banco de Sabadell. Lloyds will receive a 1.8% stake in Sabadell worth about €84&nbsp;million and an additional sum of up to €20&nbsp;million over the next five years.<ref>{{cite news |title=Lloyds to sell Spanish retail division to Sabadell |url=https://www.bbc.co.uk/news/business-22335045 |work=BBC News |date=29 April 2013 |access-date=24 September 2013}}</ref> In September 2013, it was reported that the UK government was planning to sell up to a quarter of its shares in Lloyds Banking Group.<ref>{{cite news |title=Lloyds shares hit three-year high as state considers stake sale |last=Scuffham |first=Matt |url=http://uk.reuters.com/article/uk-lloyds-shares-idUKBRE98909820130910 |newspaper=Reuters |date=10 September 2013 |access-date=14 September 2013}}</ref> The government sold 6% of its shares on 17 September 2013 at 75p, raising £3.2&nbsp;billion and reducing its stake to 32.7%.<ref>{{cite news|url=https://www.bbc.co.uk/news/business-24122713 |title=Lloyds share sale raises £3.2bn |work=BBC News |date=17 September 2013 |access-date=17 September 2013}}</ref> The UK government then sold a further 7.8% on 26 March 2014 at 75.5p raising a further £4.2bn and reducing its stake to 24.9%.<ref>{{cite news|url=https://www.bbc.co.uk/news/business-26744600 |title=Lloyds stake sale raises £4.2bn |work=BBC News |date=26 March 2014 |access-date=26 March 2014}}</ref> A trading plan of incremental sales during 2015 reduced the publicly owned stake to below 10% by the end of October.<ref name=R10pc>{{cite news |title=Government reduces Lloyds shareholding to below 7% |url=https://www.gov.uk/government/news/government-reduces-lloyds-shareholding-to-below-7 |publisher=HM Treasury |date=13 December 2016}}</ref> Sales resumed in November 2016, as the holding was reduced to 7.99%.<ref name=BBC>{{cite news|title=Government sells more shares in Lloyds Banking Group|url=https://www.bbc.co.uk/news/business-38062159|access-date=22 November 2016|work=BBC News|date=22 November 2016}}</ref> On 17 March 2017, the British government confirmed its remaining shares in Lloyds Banking Group had been sold.<ref>{{cite news|title=Share sale returns Lloyds to private sector|url=https://www.bbc.co.uk/news/business-39932871|access-date=17 May 2017|work=BBC News|date=17 May 2017}}</ref>

===Divestment===
[[File:Lloyds Bank, Five Ways, Birmingham.jpg|thumb|The Edgbaston branch of Lloyds Bank at Five Ways, Birmingham, designed by P. B. Chatwin in 1908.<ref>[http://www.birmingham.gov.uk/cs/Satellite?c=Page&childpagename=Lib-Central-Archives-and-Heritage%2FPageLayout&cid=1223092756134&pagename=BCC%2FCommon%2FWrapper%2FWrapper "Five Ways, Birmingham, in 1935"]. Birmingham City Council. Retrieved 27 November 2009</ref>]]

The UK government's purchase of a 43.4% stake in the group in 2009 was considered as state aid; under European Commission competition laws, the group would be required to sell a portion of its business.<ref>[http://webcasts.lloydsbankinggroup.com/capitalraising/files/FINAL_-_Analyst_Presentation.pdf "Rights Issue and Capital Enhancement Proposals"]. Presentations and Webcasts, Lloyds Banking Group, 3 November 2009</ref> The group's divestment plan{{mdash}}codenamed "Verde"{{mdash}}identified 632 branches which would be transferred to a new business. Customers with accounts held by the branches, and staff employed within them, would be transferred. The new business would be formed from some Lloyds TSB branches in England and Wales, all branches of Lloyds TSB Scotland plc and Cheltenham & Gloucester plc; these would operate under the TSB brand as TSB Bank plc.<ref>{{cite news |title=Millions of Lloyds customers told banking details to change |first=Emma |last=Simon |url=https://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/9703432/Millions-of-Lloyds-customers-told-banking-details-to-change.html |archive-url=https://web.archive.org/web/20121127115223/http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/9703432/Millions-of-Lloyds-customers-told-banking-details-to-change.html |archive-date=27 November 2012 |newspaper=Daily Telegraph |date=26 November 2012 |access-date=16 March 2013}}</ref> The remainder of the Lloyds TSB business would be rebranded as Lloyds Bank.<ref>{{cite web |url=http://www.marketingmagazine.co.uk/news/1028017/ |title=Lloyds TSB to rebrand as Lloyds Bank |first=Mark |last=Banham |date=13 September 2010 |work=Marketing |access-date=16 March 2013}}</ref>

Lloyds Banking Group reached a Heads of Terms agreement in July 2012 to sell the Verde branches to [[Company:The Co-operative Bank|The Co-operative Bank]] for £750&nbsp;million.<ref>{{cite news |title='Proud to make banking boring again': Co-op buys 632 branches from Lloyds and aims to restore faith in the industry |url=https://www.mirror.co.uk/money/city-news/co-operative-bank-buys-632-lloyds-1150437 |first=Graham |last=Hiscott |newspaper=Daily Mirror |date=19 July 2012 |access-date=16 March 2013}}</ref><ref>{{cite news |title=Lloyds bigs up the Co-op |first=Robert |last=Peston |url=https://www.bbc.co.uk/news/business-18899185 |work=BBC News |date=19 July 2012 |access-date=16 March 2013}}</ref> The final transfer of TSB Bank plc to the new owner was due to be completed by late 2013. In February 2013, it was reported that Lloyds Banking Group were considering a stock market flotation of the TSB business as an alternative, should the transfer not be completed.<ref>{{cite news |title=Co-op plan to take over Lloyds branches 'facing difficulty' |first=Jill |last=Treanor |url=https://www.theguardian.com/business/2013/feb/08/co-op-lloyds-branches |newspaper=The Guardian |date=8 February 2013 |access-date=16 March 2013}}</ref> On 24 April 2013, The Co-operative Bank decided not to proceed with the acquisition because of the economic downturn and the tough regulatory environment imposed on banks. Lloyds Banking Group said that the rebranding to TSB Bank would still take place and that the new bank will be divested through an [[Finance:Initial public offering|initial public offering]] in 2014.<ref>{{cite news|url=https://www.bbc.co.uk/news/business-22276082 |title=Lloyds' branch sale to Co-op falls through |work=BBC News |date=24 April 2013 |access-date=24 April 2013}}</ref> TSB Bank began operations on 9 September 2013, under CEO Paul Pester.<ref>{{cite news|url=https://www.bbc.co.uk/news/business-24006941 |title=TSB name reappears across UK High Streets |work=BBC News |date=8 September 2013 |access-date=10 September 2013}}</ref>

Lloyds Banking Group announced that 25% of TSB's shares would be floated on 24 June 2014;<ref>{{cite web|url=http://www.ig.com/uk/shares-news/2014/06/10/tsb-ipo-price-range-announced-16989|title=TSB IPO price range announced|work=IG Markets|access-date=25 March 2016}}</ref> however, with the offer being 10 times oversubscribed, 35% of TSB's shares were sold at 260p on 20 June.<ref>{{cite news|url=https://www.theguardian.com/business/2014/jun/20/lloyds-tsb-branches-valuation-share-sale |title=TSB shares jump on trading debut and lift prospects for future Lloyds sell-off |work=The Guardian |date=20 June 2014 |access-date=25 June 2014}}</ref> Banco Sabadell agreed to purchase TSB in March 2015, and completed the acquisition on 8 July 2015. The purchase meant Lloyds sold its final holding in TSB.<ref>{{cite news|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11484514/TSB-sold-to-Spanish-bank-in-1.7bn-deal.html |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11484514/TSB-sold-to-Spanish-bank-in-1.7bn-deal.html |archive-date=12 January 2022 |url-access=subscription |url-status=live|title=TSB sold to Spanish bank in £1.7bn deal|date=20 March 2015|work=The Telegraph}}{{cbignore}}</ref><ref>{{cite news|url=https://www.bbc.co.uk/news/business-31980833|title=TSB agrees £1.7bn takeover by Spain's Sabadell|work=BBC News}}</ref>

==Divisions and subsidiaries==
The business is divided into five divisions:<ref>{{cite news|url=https://www.reuters.com/world/uk/lloyds-ceo-shakes-up-bank-after-strategy-launch-some-executives-exit-2022-03-15/|title=Lloyds CEO shakes up bank after strategy launch, some executives to exit|date=15 March 2022|newspaper=Reuters|access-date=2 August 2022}}</ref><ref>{{cite news|url=https://www.pymnts.com/news/banking/2022/lloyds-to-divide-its-three-units-into-five/|title=Lloyds to Divide Its Three Units Into Five|date=15 March 2022|newspaper=PYMNTS.com|access-date=2 August 2022}}</ref>
*Private equity
*Consumer lending and consumer relationships 
*Business & commercial banking
*Corporate & institutional banking
*Insurance, pensions and investments

== Senior leadership ==
''Refers to Chairmen and Chief Executives since 2009, when Lloyds Banking Group was formed.''

=== Current leadership ===

* ''Chairman:'' Robin Budenberg (since January 2021)<ref>{{Cite web|url=https://www.lloydsbankinggroup.com/who-we-are/group-overview/directors-and-governance/robin-budenberg.html|title=Robin Budenberg|website=Lloyds Banking Group}}</ref>
* ''Chief Executive:'' Charlie Nunn (since August 2021)<ref name=":0">{{Cite web|url=https://www.lloydsbankinggroup.com/who-we-are/group-overview/directors-and-governance.html|title=Directors|website=Lloyds Banking Group}}</ref>

=== List of former chairmen ===

# Sir Victor Blank (2009)<ref>{{Cite web|url=https://www.thejlc.org/sir_victor_blank|title=Sir Victor Blank|publisher=The Jewish Leadership Council}}</ref>
# Sir Winfried Bischoff (2009–2014)<ref>{{Cite web|url=https://www.icgn.org/speakers/sir-win-bischoff-chairman-financial-reporting-council|title=Sir Win Bischoff, Chairman, Financial Reporting Council|publisher=ICGN}}</ref>
#Lord Blackwell (2014–2020)<ref name=":0" />

=== List of former chief executives ===

# Eric Daniels (2009–2011)<ref>{{Cite web|url=https://www.fnlondon.com/articles/lloyds-ordered-to-pay-bonus-former-ceo-eric-daniels-20180327|title=Lloyds told to pay bonus to former CEO Eric Daniels|first=Clare|last=Dickinson|website=Financial News London}}</ref>
#Sir António Horta-Osório (2011–2021)<ref>{{Cite news|last1=Walker|first1=Owen |last2=Morris |first2=Stephen |last3=Massoudi |first3=Arash |date=1 December 2020|title=Credit Suisse picks António Horta-Osório as chairman|work=Financial Times|url=https://www.ft.com/content/0afc85c4-89af-4648-b21c-98ded5cea7fa|access-date=8 December 2020}}</ref>

== Sponsorships and responsible business programmes ==
Lloyds Banking Group is an active supporter of disability rights and best practice; it is a Gold member of the Employers' Forum on Disability. In 2010, the group helped create and currently sponsors the Royal Association for Disability Rights (RADAR) Radiate network, which aims to support and develop a talent pool of people with disabilities and health conditions, and to potentially act as a source of thinking for organisations on how 'disabled talent' is best spotted and developed.<ref>{{cite web |url=http://www.radiate-net.org.uk/ |title=RADAR Radiate Network |archive-url=https://web.archive.org/web/20100725084040/http://www.radiate-net.org.uk/ |archive-date=25 July 2010  }}</ref>

In 2011, Lloyds Banking Group established the Lloyds Scholars Programme, a social mobility programme aimed at UK students, in partnership with nine leading UK universities.<ref>{{cite web|url=http://www.lloydsbankinggroup.com/our-group/responsible-business/our-community-programmes/lloyds-scholars/|title=HELPING MANAGE THE FINANCIAL STRAIN OF UNIVERSITY|website=Lloyds Banking Group|access-date=17 August 2017}}</ref> The Scholars Programme takes 15 students per university per year and consists of a £1000 per annum scholarship paid directly to the student to help with living costs, a Lloyds Banking Group mentor and two ten-week internships, paid at £18,000 pro rata.<ref name="auto">{{cite web|url=https://www.lloydsbank.com/banking-with-us/in-your-community/scholars.html|title=Lloyds Scholars|website=Lloyds Scholars|access-date=14 February 2023}}</ref> The programme supports students throughout their university career and requires Scholars to complete 100 hours of volunteering in their local community, per year of their degree.<ref name="auto"/> There are also restrictions on who can apply, which exclude medical and veterinary students, as well as anyone with a residual household income as defined by their student funding body of more than £25,000 per annum, since the programme is a social mobility initiative.<ref name="auto"/>

== Awards and recognition ==
[[File:Lloyds Bank on High Street Oxford.jpg|thumb|Carfax Oxford branch of Lloyds Bank on High Street, designed by Stephen Salter in 1901.<ref>Tyack, Geoffrey [https://books.google.com/books?id=FsOx8eHkOC8C ''Oxford: An Architectural Guide''] (pp.262–3) Oxford University Press, 1998</ref>]]

In July 2007, ''Euromoney'' announced Lloyds TSB as the winners of its Awards for Excellence.<ref>{{cite web |url=http://www.financemarkets.co.uk/2007/07/16/lloyds-tsb-%E2%80%93-best-bank-award/ |title=SLloyds TSB – Best Bank Award |access-date=17 September 2008}}</ref>

In June 2008, Lloyds TSB Group came top in the Race for Opportunity's (RfO) annual survey.<ref>{{cite web |url=http://www.peoplemanagement.co.uk/pm/articles/2008/06/lloyds-tsb-tops-workforce-diversity-chart.htm |title=Lloyds TSB tops workforce diversity chart |access-date=17 September 2008}}</ref>

In May 2009, Lloyds TSB Corporate Markets was recognised as 'Bank of the Year' for the fifth year running at Real FD/ CBI FDs' Excellence Awards.<ref>{{cite web |url=http://www.realfd.net/daily-insights/leading-the-finance-team/5227621/winners-of-the-2008-cbirealfd-fds-excellence-awards-announced.thtml |archive-url=https://archive.today/20090205170632/http://www.realfd.net/daily-insights/leading-the-finance-team/5227621/winners-of-the-2008-cbirealfd-fds-excellence-awards-announced.thtml |archive-date=5 February 2009 |title=Real FD Awards |access-date=17 September 2008 }}</ref>

In October 2009's "What Investment" magazine awards, Halifax won Best Savings Account Provider and Halifax Share Dealing was also named Best Share Dealing Service.<ref>{{cite web|url=http://www.whatinvestment.co.uk/|title=What Investment UK – Investment opportunities and savings advice for private investors|work=whatinvestment.co.uk|access-date=20 March 2015}}</ref>

In October 2009's "Consumer Money Awards", Halifax won Best First Time Mortgage Provider. Lloyds' brands were commended in several other categories, including Cheltenham & Gloucester for Best Remortgage Provider and Best High Street Mortgage Provider; Lloyds TSB for Best Current Account Provider, Best Student Account Provider and Best Customer Service Provider; and Halifax for Best ISA Provider and Best High Street Savings Provider.<ref>{{Cite web|url=http://downloads.moneyfacts.co.uk/moneyfactsgroup/pdf/cma_2009_newsletter.pdf|title=Consumer Money Awards 2009 Results moneyfacts.co.uk}}</ref>

In November 2009's "Your Mortgage Awards", Halifax won the award for Best Overall Mortgage Lender for the eighth year running, as well as the award for Best Large Loans Mortgage Lender. Birmingham Midshires was named Best Specialist and Buy-to-Let Mortgage Lender, and Lloyds TSB won the award for Best Overseas Mortgage Lender.<ref>{{Cite web|url=http://www.yourmortgage.co.uk/your_mortgage_awards|archive-url=https://web.archive.org/web/20100114074738/http://www.yourmortgage.co.uk/your_mortgage_awards|title=Your Mortgage Awards 2009 yourmortgage.co.uk|archive-date=14 January 2010}}</ref>

== Controversies==
[[File:Lloyds bank in Halifax.jpg|thumb|The Halifax branch of Lloyds Bank on George Square, built 1897.<ref>COMMERCIAL STREET 1. 1164 (West Side) SE 02 NE SP/147 Lloyds Bank II 2, see [https://historicengland.org.uk/listing/the-list/list-entry/1243601 Images of England No. 447622] National Monuments Record, English Heritage (retrieved 23 November 2009).</ref>]]

=== Money laundering ===
A 2010 report by ''{{wipe|The Wall Street Journal}}'' described how [[Company:Credit Suisse|Credit Suisse]], Barclays, Lloyds Banking Group, and other banks were involved in helping the Alavi Foundation, Bank Melli, the Government of Iran, and others circumvent US laws banning financial transactions with certain states. They did this by stripping information out of wire transfers, thereby concealing the source of funds. Lloyds Banking Group settled with the US government for {{US$|350 million}}. The US government's Manhattan District Attorney's Office was involved, although the case was merged with one at the federal US Department of Justice.<ref>{{cite news |title=Probe Circles Globe to Find Dirty Money |first=Carrick |last=Mollenkamp |work={{wipe|The Wall Street Journal}} |date=3 September 2010 |url=https://online.wsj.com/news/articles/SB10001424052748703431604575468094090700862 |access-date=6 November 2013 |archive-url=https://web.archive.org/web/20131015112923/http://online.wsj.com/news/articles/SB10001424052748703431604575468094090700862 |archive-date=15 October 2013  }}</ref>

=== Tax avoidance ===
In 2009, a case was brought against Lloyds by HM Revenue and Customs on grounds of [[Finance:Tax avoidance|tax avoidance]]. Lloyds was accused of disguising loans to American companies as investments in order to reduce the tax liability on them.<ref>{{Cite news|author=Tax gap reporting team |url=https://www.theguardian.com/business/2009/feb/11/tax-gap-lloyds |title=Lloyds faces accusations of tax avoidance |work=The Guardian |location=London |date= 11 February 2009|access-date=18 April 2011}}</ref>

===Complaints via the Financial Ombudsman Service===
Lloyds TSB received 9,952 complaints via the Financial Ombudsman Service in the last half of 2009. This, when added to the other brands of the Lloyds Banking Group, was twice the number of complaints received by Barclays{{mdash}}the next-most-complained-about UK bank. The Financial Ombudsman Service upheld fewer complaints against Lloyds TSB than it did against Barclays.<ref>{{cite news |first=Jill |last=Insley |title=Lloyds group tops ombudsman complaints |url=https://www.theguardian.com/money/2010/feb/25/lloyds-bank-complaints-ombudsman |work=The Guardian |location=London |date=25 February 2010 |access-date=26 February 2010}}</ref>

===Islamic Account===
In 2014, Lloyds launched the 'Islamic Account', a current account aimed at [[Religion:Muslims|Muslims]] and which it stated was compliant with Sharia law – namely, the prohibition of credit or debit interest. Critics of the new policy stated that the account amounted to religious discrimination, as users of the Sharia-compliant account would not incur [[Finance:Interest|interest]] if they went [[Finance:Overdraft|overdrawn]], in contrast with users of typical current accounts. The bank responded that the account was available to both Muslims and non-Muslims, and that comparisons of interest rates between its Islamic Account and traditional current accounts were "meaningless".<ref>{{Cite web|date=26 April 2014|title=Lloyds Bank scraps overdraft fees on Islamic accounts|url=http://www.independent.co.uk/news/uk/home-news/lloyds-bank-removes-overdraft-fee-from-islamic-accounts-9291932.html|access-date=15 June 2020|website=The Independent|language=en}}</ref>

===HBOS Reading fraud===
Lloyds Banking Group has been criticised for failing to compensate, or even apologise to, victims of fraud perpetrated by employees of HBOS.<ref name="BBC News 30 January 2017">{{cite news |last1= Verity |first1= Andy |  last2= Lewis |first2= David| title= Former HBOS manager found guilty of corruption and fraud|url= https://www.bbc.co.uk/news/business-38772660| date= 30 January 2017|work= BBC News | access-date= 30 January 2017 }}</ref><ref name="BBC File on Four 31 January 2017">{{cite episode| title= The Turnaround Game | series= File on Four| credits= Reporter: Andy Verity; Producer:  David Lewis; Editor: Gail Champion | network= BBC| station= BBC Radio Four| url= http://www.bbc.co.uk/programmes/b08fg81w| air-date= 31 January 2017| access-date= 31 January 2017 }}</ref> LBG was accused of treating the whistle-blowers involved in the HBOS Reading fraud poorly. Customers Paul and Nikki Turner presented evidence of the fraud to the board but were ignored. Indeed, the bank tried to evict them from their home on twenty-two occasions.<ref>{{cite news|url=https://www.cambridge-news.co.uk/business/business-news/cambridge-couple-vindicated-massive-fraud-12529459|title=Cambridge couple vindicated in massive fraud case|date=30 January 2017|newspaper=Cambridge Live|access-date=23 January 2022}}</ref> Sally Masterton was an accountant working for Lloyds who greatly assisted Thames Valley Police in their investigation of the fraud, codenamed Operation Hornet. She wrote a report on the fraud at the request of the bank, called Project Lord Turnbull. She subsequently left the bank and claimed for constructive dismissal.<ref>{{cite news|url=https://www.ft.com/content/2fb12910-264d-11e9-b329-c7e6ceb5ffdf|title=Lloyds: how HBOS whistleblower exposed failings in UK regulation|newspaper=Financial Times|access-date=23 January 2022}}</ref>

=== Overdraft fees ===
In January 2019, the Group was criticized by the Chair of the Business, Energy and Industrial Strategy Committee for changes to its overdraft fees policy. Rachel Reeves MP said of the changes that "While [they] might be legal, they are not within the spirit of the FCA's recommendations" to scrap overdraft fees and replace them with a single interest rate and that they would "increase the charges for the vast majority of customers".<ref>{{Cite news|url=https://www.bbc.com/news/business-46864604|title=Lloyds' overdraft fees are 'unacceptable' |work=BBC News |last=Read|first=Simon|date=14 January 2019|access-date=14 January 2019|language=en-GB}}</ref>

===Lloyds Business Support Unit===
A review conducted by Thames Valley Police indicated that fraud may have been committed at the Lloyds Business Support Unit based in Bristol. Lloyds Banking Group have denied this.<ref>{{cite news|url=https://www.bbc.co.uk/news/uk-england-bristol-54630259|title=Review alleges 'major fraud' at Lloyds Bristol unit committed|date=25 October 2020|work=BBC News|access-date=23 January 2022}}</ref> There are more than two hundred alleged victims of the unit who have asked the police to investigated their claims.<ref>{{Cite news|url=https://www.bbc.com/news/uk-england-bristol-61974749|title=Lloyds Bank police probe may get more funding after angry meeting|work=BBC News |date=29 June 2022}}</ref>

==References==
{{Reflist}}

== External links ==
* {{OpenCorp|lloyds banking group}}

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[[Category:Companies listed on the New York Stock Exchange]]

{{Sourceattribution|Lloyds Banking Group}}