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Article: PEOPLE.(National/Global)(Lloyds Banking Group sell its branches)(Tom King has been named at Barclays Capital )
- Article from:
- American Banker
- Article date:
- November 6, 2009
- Author:
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Byline: Heather Landy, Paul Davis, Katie Kuehner-Hebert and Dow Jones
On-the-Job Training?
Should the big U.S. banks ever be broken up, the process would at least be familiar ground to some of them. Bank of America Corp. and Citigroup Inc. are part of the consortium advising Lloyds Banking Group PLC on the partial dismantling dictated by European regulators as a condition of fresh public aid.
Lloyds agreed to sell 600 branches to reduce its retail banking market share by 5%. It also plans to sell 19% of its mortgage business.
The half-dozen banks advising Lloyds, which include the Swiss giant UBS AG, could get as much as 500 million ...