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The Lloyds bank saga goes on and on

The news that a further 1200 jobs will be lost at Lloyds bank has attracted some very negative comment with regards to the company and its conduct. This comes at a time when a number of shareholders, who invested in the group prior to the merger with HBOS, have announced plans to take the UK government to court and find out exactly what went on behind the scenes.

There are unsubstantiated rumours that the UK government used its close relationship with various members of the Lloyds bank board of directors to arrange the acquisition of HBOS. While there's no doubt that the merger of the two operations saved HBOS from potential failure, which would have had significant implications for the sector as a whole, the Lloyds bank group seems to have suffered more than any other in the sector.

Many shareholders now believe they are paying the price for saving the UK banking sector while others benefit from the Lloyds bank and HBOS merger. On the surface it does appear as though due diligence may have been rushed through to save HBOS, and the banking sector, which could be argued brought about the current problems at the enlarged group. We should see more details revealed as and when the case reaches court although there are concerns it will not get that far.

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