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Lloyds Bank chairman to step down Lloyds Bank chairman to step down
(about 1 hour later)
Sir Victor Blank is to step down as chairman of Lloyds Banking Group.Sir Victor Blank is to step down as chairman of Lloyds Banking Group.
The bank's board is meeting this morning and a statement is expected later today.The bank's board is meeting this morning and a statement is expected later today.
It is expected that Sir Victor will have handed over to a successor by next year's annual meeting. The UK Treasury owns 43% of Lloyds.It is expected that Sir Victor will have handed over to a successor by next year's annual meeting. The UK Treasury owns 43% of Lloyds.
Sir Victor and Lloyds' chief executive, Eric Daniels, have faced criticism for their decision last year to buy HBOS, the troubled owner of Halifax.Sir Victor and Lloyds' chief executive, Eric Daniels, have faced criticism for their decision last year to buy HBOS, the troubled owner of Halifax.
Lloyds controls about 25% of British customers' personal bank accounts and about 28% of the mortgage market. Sir Victor confirmed he was stepping down just before he went inside Lloyds' headquarters in the City of London.
He told BBC business correspondent Joe Lynam that he "still had lots to do" and denied he was being forced to resign under pressure from shareholders.
HBOS lossesHBOS losses
HBOS made a loss in 2008 of almost £11bn. But Lloyds TSB, as it was called, made a profit of £807m last year, albeit an 80% drop on the previous year.HBOS made a loss in 2008 of almost £11bn. But Lloyds TSB, as it was called, made a profit of £807m last year, albeit an 80% drop on the previous year.
The financial troubles at HBOS meant that Lloyds needed greater investment from taxpayers than would otherwise have been the case Robert Peston, BBC business editor Read Robert Peston's blog Sir Victor has jumped before he was pushed Robert Peston, BBC business editor Read Robert Peston's blog class="" href="/1/hi/business/7914013.stm">Lloyds sees HBOS loss of £10.8bn
The two banks together are expected to be in loss this year.The two banks together are expected to be in loss this year.
The government agreed to insure £260bn of the bank's toxic loans, and to potentially raise its stake in the bank to 65% earlier this year following the losses. The government earlier this year agreed to insure £260bn of the bank's toxic loans, and to potentially raise its stake in the bank to 65% following the HBOS losses.
The deal was part of the Treasury's taxpayer-backed Asset Protection Scheme to insure banks' riskiest assets against further losses resulting from the credit crisis.The deal was part of the Treasury's taxpayer-backed Asset Protection Scheme to insure banks' riskiest assets against further losses resulting from the credit crisis.
Lloyds' directors do not believe that Sir Victor would have been ousted by shareholders at the forthcoming annual meeting, according to the BBC's business editor, Robert Peston.Lloyds' directors do not believe that Sir Victor would have been ousted by shareholders at the forthcoming annual meeting, according to the BBC's business editor, Robert Peston.
LLOYDS' TOXIC ASSETS 83% of the £260bn toxic assets came from HBOS17% come from the books of Lloyds TSBOf the toxic assets, £151bn are in corporate and commercial loans£74bn comes from residential mortgages However, he believes that UK Financial Investments (UKFI), which manages the government's stake in financial institutions such as Lloyds and the Royal Bank of Scotland, was "acutely aware" of other shareholders' convictions that there had to be a change at the top of Lloyds.
UK Financial Investments (UKFI), which manages the government's stake in financial institutions such as Lloyds and the Royal Bank of Scotland, was "acutely aware" of other shareholders' convictions that there had to be a change at the top of Lloyds, according to Mr Peston. "I am now persuaded that UKFI would have voted its 43% (that's taxpayers' 43%) against him staying on," Mr Peston said.
Lloyds last month announced it is to cut 985 jobs at a business offering car finance over the next two years, the first major job losses from the merger.Lloyds last month announced it is to cut 985 jobs at a business offering car finance over the next two years, the first major job losses from the merger.
LLOYDS' TOXIC ASSETS 83% of the £260bn toxic assets came from HBOS17% come from the books of Lloyds TSBOf the toxic assets, £151bn are in corporate and commercial loans£74bn comes from residential mortgages
The government backed the Lloyds takeover of HBOS last September, bypassing normal competition rules to avoid the collapse of the Halifax owner.The government backed the Lloyds takeover of HBOS last September, bypassing normal competition rules to avoid the collapse of the Halifax owner.
Lloyds controls about 25% of British customers' personal bank accounts and about 28% of the mortgage market.