The British government announced it will take majority control of Lloyds Banking Group. CNN's Jim Boulden reports.
British banking group Lloyds TSB plans to cut up to 1,660 jobs and close all 164 branches of its Cheltenham & Gloucester (C&G) mortgage arm.
The British government confirmed Saturday it will take majority control of Lloyds Banking Group, with the taxpayer owning up to 66 percent of voting shares in return for insuring £260 billion ($366 billion) of the group's toxic assets.
British bank Lloyds has announced that HBOS, the rival it took over last year, made a £10.8 billion ($15.5 billion) pre-tax loss for 2008.
Lloyds Banking Group saw its share price tumbled Friday after reporting worse-than-expected profits for its subsidiary HBOS.
British bank Lloyds TSB has agreed to forfeit $350 million dollars to U.S. and New York authorities for criminally hiding information about prohibited dealings with Iranian and Sudanese customers.
In what's being touted as a model for government intervention, London bets
big to put money behind the country's battered banks
The British government on Monday said it would make a multi-billion investment in three of the country's major banks to help them through the "first financial crisis of the global age."
The British government on Monday said it would make a multi-billion investment in three of the country's major banks to help them through the "first financial crisis of the global age."
Why has the UK government decided to inject nearly $90 billion of taxpayers' money into banks and lend them a further $350 billion?
Nikkei closes down approximately 9.38% according to initial closing numbers. CNN Kyung Lah has the latest.
Britain on Wednesday announced an $87.4 billion rescue package for its troubled banking sector.
Federal Reserve Chairman Ben Bernanke warned that the outlook for economic growth has worsened.
CNN's Max Foster reports on how Washington's actions on a proposed bailout could impact the U.K.'s financial system.
Morgan Stanley's stock price plunged again Thursday as the investment bank scrambled to strike a major deal or raise more cash that will assuage investors
AIG bailed out
updated: Thu Sep 18 2008 05:32:00
The Federal Reserve Board lends as much as $85 billion to rescue American International Group.
CNN's Eunice Yoon reports on how events in the U.S. created mayhem in Asia's markets.
When it comes to Sharia-compliant banking, few Western countries can compete with Britain. One of the world's prime financial centers, the City of London is also the key Western hub for Islamic banking.
Troubles for mortgage-lender Northern Rock have unmasked underlying market problems. CNN's Jim Boulden reports
U.K. bank Lloyds and brokerage Man Financial have agreed to pay $16.6 million to settle a U.S lawsuit brought by investors who poured millions into a futures trading firm later found to be fraudulent.
A migrant community whose disposable income runs to billions has become a prized market for high-street banks, supermarkets and bookstores
Britain's tourist industry was bracing itself for a significant drop in the numbers of overseas visitors in the wake of this month's bomb attacks on the capital's transport system.
The headquarters of Marakon Associates is very quiet. Not hushed-and-reverential quiet. Not eerie quiet. Not dull quiet. Just...quiet. No glad-handing bluster. No hurried runs down the hall. No wis...
DEFINITIONS AND EXPLANATIONS
American's hottest export to Europe these days may be investment bankers. Led by the Morgans--Morgan Stanley and J.P. Morgan--mergers and acquisitions shattered all previous records last year, post...
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