Lloyds

Lloyds Banking Group is to sell its loss-making international private banking business to Swiss bank Union Bancaire Privée (UBP).

George Osborne has started the sale process of the taxpayer stake in Royal Bank of Scotland (RBS) and Lloyds, within hours of both banks getting approval from regulators over their capital strength.

Lloyds Banking Group has raised £450m from a placing of a 15% stake in St James's Place (SJP), just months after it sold a 20% stake.

Artemis managers Adrian Frost and Adrian Gosden have bought into Lloyds Banking Group as the bank's share price nears the point at which the government bought in during the financial crisis.

Sir Winfried Bischoff, chairman of Lloyds Banking Group after taking over during the financial crisis, is to retire from the group later this month.

Lloyds Banking Group is to axe 850 jobs from across the bank as part of its ongoing strategic review.

MUMFORD

Lloyds Banking Group has reported pre-tax profit of £2bn for the first quarter, well ahead of analysts' estimates, after the lender made a number of cost savings and profited from selling 20% of its stake in St. James's Place.

The chief executive of Lloyds Banking Group has opened the door to a return to the dividend list as he prepares to reveal the bank's net lending to UK businesses has increased for the first time since the global credit crisis.

Co-operative Group has pulled out of a deal to buy 632 branches from Lloyds Banking Group, saying it was not in the best interests of its members to proceed.