The battle to stop the City becoming ‘the world's safety graveyard' [Yahoo! Finance]
Lloyds Banking Group Plc American Depositary Shares (LYG)
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Source: Yahoo! Finance
Bankers and ministers alike are crying foul over ballooning compliance costs and red tape that, rather than make the world a safer place, is increasingly strangling growth by turning the City into the “safest graveyard”. Britain's largest lender Lloyds Bank last week unveiled plans to cut dozens of risk management jobs after an internal review found its risk structures were acting as a “blocker” to change. Barclays also cut thousands of jobs from its Execution Services division last year, a support unit which includes compliance and risk roles. To top it off, deal making is back: Nationwide's proposed £2.9bn takeover of Virgin Money marks the largest bank merger since the 2008 financial crisis. Two other deals, Barclays' £600m deal to buy Tesco Bank and Coventry Building Society's merger with Co-operative Bank, also show animal spirits are returning to the sector. “We have seen some banks come out and talk about wanting to take on risk,” RBC Capital analyst Benjamin Toms says.
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LYG
Sec Filings
- 4/29/24 - Form 6-K
- 4/29/24 - Form 6-K
- 4/29/24 - Form 6-K
- LYG's page on the SEC website