Lloyds Banking Group PLC at a Glance


  • "Hands down it's the people: everyone's so talented, intelligent and geared towards succeeding that it just motivates you"
  • "The opportunity to work internationally—it's a true differentiator among competing banks"
  • "The culture: more relaxed than most banks"


  • "Terrible reputation these days"
  • "Low morale given issues with compensation"
  • "Lots of cumbersome internal processes"

About Lloyds Banking Group PLC

Dropping the TSB
London-based Lloyds Banking Group operates through four main business units: retail, wholesale, insurance, and wealth and international.  Its retail division caters to an estimated 30 million personal customers, operating through brand names such as Lloyds TSB, Halifax and Bank of Scotland.  The wholesale unit mainly operates through Bank of Scotland in Scotland, and Lloyds TSB in England and Wales, while insurance does business mainly under Scottish Widows.  Wealth and international has three main subdivisions: private banking, asset management and international banking; the unit operates under several brand names in more than 36 countries worldwide.

Formerly known as Lloyds TSB, Lloyds Banking Group was formed in January 2009 after Lloyds TSB acquired mortgage giant HBOS (Halifax Bank of Scotland).  The previous incarnation of Lloyds was also created from a huge merger.  In 1995, Lloyds Bank and TSB Group combined to form Lloyds TSB, then the second-biggest U.K. bank by market cap (after HSBC).  Of course, Lloyds can trace its history much further back-it was established as the private bank of Taylors & Lloyds in Birmingham in 1765.  Over the next 200 years, the bank grew through mergers and organic expansion to become one of the biggest banks in the U.K.

The history of the savings bank movement (where the TSB came from) goes back to 1810 when the Revd Henry Duncan founded the world's first self-supporting savings bank in Ruthwell, Dumfriesshire.  The savings banks remained local organizations until the 1970s when the banks amalgamated into regional institutions.  TSB Group plc was formed in 1986 following flotation on the Stock Exchange.

In 1999, four years after Lloyds TSB was created, all TSB and Lloyds Bank branches in England and Wales were rebranded with the identity of the new entity (Lloyds TSB).  A year later, the bank paid £7 billion pounds to acquire Scottish Widows, an Edinburgh-based mutual life-assurance company, further strengthening Lloyds TSB's grip in the U.K. market.  Also in 2000, Lloyds TSB established its asset finance division after its £627 million pound purchase of Chartered Trust from Standard Chartered Bank.

Lloyds TSB sold its credit card business Goldfish to Morgan Stanley in 2005 for £1 billion pounds and sold its Abbey Life insurance business to German banking giant Deutsche Bank for a cash consideration of £977 million in 2007.  Lloyds also made headway in the U.K. banking market when it became the first among its peers to offer Sharia-compliant business accounts.

In September 2008, only two days after the infamous fall of Lehman Brothers, it was revealed that Britain's Lloyds TSB was in takeover talks with HBOS plc; investors became weary of HBOS' funding capability after the Lehman collapse, sending the U.K.'s largest mortgage lender's shares plunging.  Two months later, the acquisition and participation in the U.K. government's recapitalization scheme were both agreed upon by Lloyds Banking Group's shareholders (HBOS shareholders approved of the takeover a few weeks later).  The acquisition was officially completed on January 16, 2009, at which point Lloyds TSB changed its name to Lloyds Banking Group.

A new chair
In May 2009, Lloyds Banking Group Chairman Victor Blank said he would resign by the firm's annual general meeting in 2010, a decision that came as the bank faced a tough financial situation after purchasing HBOS in late 2008.  Senior Independent Director Lord Alexander Leitch was named as deputy chairman, and the firm began to search for a successor to Blank.

Two months later, in July 2009, Lloyds named Winfried F. W. Bischoff, a former chairman of Citigroup and adviser to the British government, to succeed Blank as chairman as of September 15, 2009.  Bischoff recently co-chaired a panel that released a report favoring broad-based banking models.


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Lloyds Banking Group PLC

1095 Avenue of the Americas
34th Floor
New York, NY 10036
Phone: 44 (0) 20 7626 1500
Fax: 44 20 7489 3484


  • Employer Type: Public
  • Stock Symbol: LYG
  • Stock Exchange: NYSE
  • CEO: Eric Daniels
  • 2010 Employees: 107,144

Major Office Locations

  • New York, NY