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lloyds banking group plc-adr (LYGN) Snapshot

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10/24/13 - $79.53
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07/29/13 - $51.62
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lloyds banking group plc-adr (LYGN) Details

Lloyds Banking Group plc provides a range of banking and financial services to individuals and businesses in the United Kingdom and internationally. It operates through four segments: Retail; Commercial Banking; Wealth, Asset Finance, and International; and Insurance. The Retail segment offers a range of retail financial service products, such as current accounts, savings, personal loans, credit cards, and mortgages under the Lloyds Bank, Halifax, TSB, and Bank of Scotland brands. This segment also distributes general insurance and bancassurance products; and sells long-term savings, investment, and general insurance products. The Commercial Banking segment provides banking and related services to business clients, from small and medium-sized enterprises to corporate and financial institutions. The Wealth, Asset Finance, and International segment offers private banking and asset management and asset finance; and operates international retail businesses. The Insurance segment provides long-term savings, protection, and investment products through the bancassurance, intermediary, and direct channels; and life, pensions, and investment products, as well as home insurance products through the retail branch network, direct channels, and strategic corporate partners. This segment offers its products under the Lloyds Bank, Halifax, Bank of Scotland, TSB, and Scottish Widows brands. Lloyds Banking Group plc was founded in 1695 and is headquartered in London, the United Kingdom.

88,977 Employees
Last Reported Date: 03/5/14
Founded in 1695

lloyds banking group plc-adr (LYGN) Top Compensated Officers

Group Chief Executive and Executive Director
Total Annual Compensation: 2.8M GBP
Chief Financial Officer and Executive Directo...
Total Annual Compensation: 1.6M GBP
Chief Risk Officer and Executive Director
Total Annual Compensation: 136.0K GBP
Compensation as of Fiscal Year 2013.

lloyds banking group plc-adr (LYGN) Key Developments

Lloyds Banking Group Reaches Settlement of £218 Million to Resolve with UK and US Federal Authorities

Lloyds Banking Group (the Group) announces that it has reached settlements totalling £218 million to resolve with UK and US federal authorities legacy issues regarding the manipulation several years ago of Group companies submissions to the British Bankers' Association (BBA) London Interbank Offered Rate (LIBOR) and Sterling Repo Rate. The group condemns the actions of the individuals responsible for the conduct in question, which it regards as totally unacceptable and unrepresentative of the cultural changes that the group has implemented. The actions will be deplored by all employees. The manipulation of submissions covered by the settlements took place between May 2006 and 2009 and the individuals involved have either left the group, been suspended or are subject to disciplinary proceedings. The group's Board will now consider all the remuneration implications and potential actions available to it. The issues subject to the settlements were restricted to a specific area of the business and were not known about or condoned by the senior management of the Group at that time. In March 2011, Lloyds Banking Group's management proactively strengthened the systems and controls governing its LIBOR submissions. The Group further supplemented these systems and controls following the publication of the Wheatley Review. Over the last three years, the Group's management has fundamentally overhauled systems and controls across the bank including separating the key control functions such as Risk, Finance and Compliance from the business divisions in order to remove potential conflicts and provide clear independence. The Audit function has been strengthened, given an expanded remit through oversight of financial risks and controls and greater prominence with the Group Audit Director attending the Group's Executive Committee. The Group has also closed down most of its investment banking operations and reduced the Group's overseas operations from over thirty countries to fewer than ten. On LIBOR, the group has reached settlements with the Financial Conduct Authority (FCA) in the United Kingdom, the United States Commodity Futures Trading Commission (CFTC) and the United States Department of Justice (DoJ) in relation to investigations into submissions between May 2006 and 2009 and related systems and controls failings. The settlements in relation to LIBOR are part of an industry-wide investigation into the setting of interbank offered rates across a range of currencies. Under the settlement, the group has agreed to pay £35 million, £62 million and £51 million to the FCA, CFTC and DoJ respectively. As part of the settlement with the DoJ, the Group has also entered into a 2-year Deferred Prosecution Agreement in relation to one count of wire fraud relating to the setting of LIBOR. In relation to the BBA Sterling Repo Rate, the group has reached a settlement with the FCA regarding submissions made between April 2008 and September 2009. This issue involved four individuals who the FCA has concluded manipulated BBA Repo Rate submissions to reduce fees payable under the Special Liquidity Scheme (SLS). The issue was proactively brought to the FCA's attention when it was identified by the Group as part of its internal investigation into the LIBOR issues. The Group has agreed to pay £70 million to the FCA in connection with the resolution of the BBA Repo Rate issue and related systems and controls failings. Both the CFTC and DoJ settlements are in respect of LIBOR only and neither agency has taken action regarding the BBA Repo Rate.

Lloyds May Be Sold By October

The Government’s 24.9% stake in Lloyds Banking Group plc (LSE:LLOY) could be sold off as soon as October 2014. An insider said October is being considered as the first opportunity, however, the sale still has to go through a lot of hurdles, the most important being the Scottish independence referendum in September 2014. Other obstacles include the Bank of England’s stress tests on bank finances and its success in convincing regulators to let Lloyds start paying a dividend for the first time since its 2008 bail-out. Sources said the share sale prospectus would need to be ‘bombproof’ so close to the May 2015 election.

Lloyds Plans to Cut 50 Jobs in Scotland

Lloyds has announced plans to cut banking jobs in Scotland. Terming the job cuts as 'organisational change,' the banking company will cut 50 Scottish jobs in its finance and retail sections. The job losses are expected to be primarily in Edinburgh, while a number of jobs will be cut in Glasgow.


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