Lloyds bank shareholders call for total clear out
Just 24 hours after it was announced that chairman Sir Victor Blank will be leaving Lloyds bank next year, there are growing calls for a total clear out of the top brass at one of the U.K.'s leading banking institutions. This is a company which for many years was renowned as one of the most conservative in the sector although the disastrous merger with HBOS has dragged the company down resulting in a recent bailout by the UK government.
At a time when the UK financial sector is still under severe pressure, many believe that the onslaught against Lloyds bank and its top directors is something of a smokescreen for the government and the authorities in the UK. It is easy to forget that Lloyds bank was approached directly by the authorities, and indeed Gordon Brown was rumoured to be heavily involved in the talks, which were aimed at averting a total collapse in the UK banking sector. The HBOS merger was rushed through, competition laws were relaxed and shareholders initially seemed happy with the transaction.
However, it has since emerged that HBOS is in a far worse situation than initially thought which has seen many chickens come home to roost with disastrous consequences.
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