Lloyds Bank
In January 2009, Lloyds TSB Group changed its name to Lloyds Banking Group. This article is now about the brand Lloyds TSB which is still operated as part of the Lloyds Banking Group.
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Banking |
| Founded | 1995 (Lloyds Bank: 1765) (Trustee Savings Bank: 1810) |
| Headquarters | , |
Key people | Sir Victor Blank, Chairman Eric Daniels, CEO |
| Products | Banking Investment banking Insurance |
| Website | lloydstsb.com |
Lloyds TSB is a UK banking brand, not to be confused with former parent Lloyds TSB Group plc, which has been renamed Lloyds Banking Group.
The Lloyds TSB brand was created in 1995 by the merger of Lloyds Bank and the TSB Bank.[1]
Near collapse, toxic assets and direct UK Government assistance
By September 2009, Lloyds TSB and its subsidiary, Royal Bank of Scotland, had received £40 billion in direct government aid to prevent its imminent collapse[2]. Lloyds has toxic assets totalling £260 billion[3].
EU Competition Law
Services
It offers Banking and Financial Services such as:[4]
- Personal banking
- Business Banking
- Private banking
- Corporate markets
- International banking
Controversies involving Lloyds TSB
Mistreatment of customers
The methods used by a high-profile Lloyds TSB service (The Collections Dept., based in Southend-on-Sea, Essex, UK), whose sole purpose appears to be harassment of the bank's own customers, has been strongly criticised by consumer groups and others,[5] as have manoeuvres allegedly designed to take advantage of legal loopholes to avoid repaying charges levied against its clients.[6] Lloyds has also been accused of religious discrimination in connection with its overdraft charges.[7]
Senior Management Team
There has been personal controversy surrounding the chairman of Lloyds TSB, Sir Victor Blank, following the involvement of lawyers in a dispute with a senior Oxford academic,[8] as well as other concerns about the Chief Executive Officer of the bank, Eric Daniels.[9]
Employee relations
The Lloyds Banking Group, which encompasses Lloyds TSB, has been repeatedly criticised for its failure to protect jobs, despite an unprecedented bail-out contribution of £17 billion by the UK taxpayer.[10]
Mis-selling of 'precipice' bonds
In 2003, Lloyds TSB was fined £100,000,000 for its part in mis-selling high risk investment bonds.[11]
Tax evasion and money laundering
In 2009, it was alleged by the BBC Panorama programme that Lloyds TSB Jersey was encouraging wealthier customers to evade paying tax. An employee of Lloyds was filmed telling a customer how several mechanisms had been found to make their transactions invisible to the UK tax authorities[12]. This action is also in breach of Money Laundering Regulations in Jersey[13]. Lloyds subsequently claimed that this action was an isolated incident which they were investigating.
References
- ^ "Lloyds Bank to merge with TSB". New York Times. 1995-10-12. Retrieved 2008-09-17.
- ^ "EU ruling threatens Lloyds' branches". Financial Times online. 2009-09-25. Retrieved 2009-10-03.
- ^ "EU ruling threatens Lloyds' branches". Financial Times online. 2009-09-25. Retrieved 2009-10-03.
- ^ Lloyds: Services
- ^ "Worst bullying case in 30 years". Sun Newspaper online. 2007-07-10. Retrieved 2009-08-30.
- ^ Consumer forum http://www.consumerforums.com
- ^ "An overdraft? That'll be £200 at Lloyds TSB (but only £15 if you're a Muslim)". Mail Online. 2009-08-22. Retrieved 2009-08-30.
- ^ Sanders, Claire (2006-06-30). "University grandee reaches for his lawyer". Times Higher Education Supplement. Retrieved 2009-02-16.
{{cite news}}: Check date values in:|date=(help) - ^ Lloyds boss to come clean on tax, The Sunday Times, March 8, 2009. Retrieved on 10 March 2009
- ^ "Lloyds stokes union fury as job losses after HBOS merger deal reach 8,200". Times online. 2009-07-17. Retrieved 2009-08-30.
- ^ "Lloyds gets record £100m fine for mis-selling 'precipice' bonds". The Independent on Sunday. 2003-09-26. Retrieved 2009-08-30.
- ^ "Tax inquiry into Lloyds off-shore". BBC. 2009-09-21. Retrieved 2009-09-23.
- ^ "Q&A: Panorama on Lloyds offshore". BBC. 2009-09-21. Retrieved 2009-09-23.
External links
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