Lloyds Banking Group has been fully returned to private hands, sources have said.Read the full story ›
All proceeds from the sale of shares are used to reduce the national debt.Read the full story ›
The financial performance of Lloyds Banking Group is said to be a strong indicator for the health of the entire UK economy.Read the full story ›
The latest share reduction is hailed a 'milestone', nine years after a £20.3bn bailout bought taxpayers a 43% stake in the crisis-hit bank.Read the full story ›
Lloyds is cutting 1,230 jobs as part of previously announced three-year strategy.
The banking group is cutting jobs in its group operations, retail, marketing and finance divisions and said the losses were not linked to the EU referendum result.
A statement said: "The group's policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group.
"Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort."
Rob MacGregor, national officer of the Unite union, said it was "horrific news" for staff, adding: "Job losses within this taxpayer-backed institution are wholly unacceptable."
The next phase in the government's plan to sell taxpayers' remaining £3.6 billion stake in Lloyds Banking Group is set to begin shortly, Chancellor Philip Hammond has said.
Mr Hammond said the government's 9.1% would be sold through a trading plan to institutional investors following a period of turbulence in the financial markets.
The sale would enable the government to recoup the £20.3 billion used to bail out the bank during the 2008 financial crisis, the chancellor added.
"Returning Lloyds to the private sector is in the interests of the bank, taxpayers and the country as a whole," he said.
"That is why exiting our stake in Lloyds in an orderly way, and at the best possible price, is one of my top priorities as Chancellor."
In July, the Lloyds announced plans to axe 3,000 jobs and close 200 branches as it prepared to cut interest rates following the Brexit vote.
Lloyds Banking Group is cutting 3,000 jobs and shutting 200 branches as the lender braces for a cut in interest rates, it has announced.Read the full story ›
The bank will cut 625 jobs as part of a strategy announced in 2014, but will create 195 new roles.Read the full story ›
The chancellor has postponed the sale of the government's stake in Lloyds, blaming the delay on the fragile global economy.Read the full story ›