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Accessibility Links Skip to content. Menu Close. Lloyds TSB was no exception. The problems that had occurred at HBOS had led to a major fall in share price. This led to a situation where this bank was about to fail. This move made the bank the largest holder of mortgages in the UK. Following this move and to prevent a failure of the UK banking system, the Treasury recapitalised some of the UK banks. Lloyds TSB was one of them leading to the government holding a There have also been accusations of tax avoidance and complaints to the Financial Ombudsman by customers.
Compared to its nearest rival Barclays, there was more. Lloyds told staff that they would have their pay cut or face demotion if they did not hit certain targets. Consequently, it led to some mis-selling of financial products. In , Lloyds was fined by the FCA for its failure to investigate and properly handle complaints regarding Personal Protection Insurance. However, it was not alone in this as other banks have received similar fines. A further In February , it is clear that the mis-selling scandal that had hit Lloyds Banking Group is not yet over.
Although it has fought its way back to profitability, the extra compensation payments could yet see more problems for this old established bank.
Both Lloyds Banking Group and other UK banks are expected to embark upon another round of branch closures. The low-interest rates that officials are still examining in the UK, that result in cheaper unsecured small loans , may be a cause for even more cost cutting. Pressure from the government has meant that Lloyds does not close a branch if it is the last bank in a town. However, were it not for this pressure Lloyds would certainly be looking to save more on branch costs.
The government still holds a substantial stake in Lloyds Bank and Philip Hammond is loath to sell its shares at a loss. However, even though share prices are still low, this could happen shortly. This giant of banking is not yet out of the woods. This meant officers returning to and from the Front could cash cheques at any time, day or night.
Women were employed by the bank in large numbers for the first time, during the First World War. They replaced the men who had gone off to fight. Just one year later, Lloyds took its next giant step and installed its first computer in a branch. In , the first Cashpoint machine was installed, in Brentwood, Essex. It issued variable amounts of cash and immediately debited the amount from the customer's account. This was the first ever association between a bank and a building society.
In , Lloyds TSB once again became two separate banks. This followed a European Commission ruling in which required the Group to divest part of its business. More than branches across Britain were brought together to form the new TSB. And the Lloyds Bank brand reappeared on the high street once again. The Lloyd family were Quakers and, as such, family members were actively involved in the movement to abolish the transatlantic slave trade.
John Lloyd, one of the sons of Sampson Lloyd II, one of the original founders of the bank, was heavily involved in the movement. However, customers included those involved in the iron trade as well as gun makers. Birmingham became the main supplier of ironware and guns to Africa, which would have been used by slave traders. Between and Lloyds took over around 50 banks - some in total, as these banks had taken over other banks.
London bank founded in as a goldsmith. The bank financed international trade, including cargoes of sugar from the West Indies in the s.
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