Lloyds Bank

[They had an office at 20 Lombard St., London] Your Directors have the satisfaction to report that they have concluded an agreement with the well-known and old-established firm of Messrs. Stevenson, Salt & Company for the amalgamation with this Company of their Banking Business at Stafford, Lichfield, Rugeley, and Eccleshall, and that this agreement has had the unanimous approval of the Extraordinary General Meeting held on 31st January last.In 1822, Taylors and Lloyds sent a letter to other banks to inform them of stolen banknotes, adding that it would engrave a symbol of a beehive to all future notes.By 1923, Lloyds Bank had made some 50 takeovers, one of which was the last private firm to issue its own banknotes—Fox, Fowler and Company of Wellington, Somerset.[14] In 1968, an attempt to merge with Barclays and Martins Bank failed because the Monopolies and Mergers Commission deemed it to be against the public interest.[19] Under the leadership of Sir Brian Pitman between 1984 and 1997, the bank became an early adopter of shareholder value creation as a governing corporate objective.[29][30] Lloyds Abbey Life became a wholly owned subsidiary of the group in 1996, absorbing Hill Samuel in 1997, before closing to a new business in 2000.[35] The action was taken in the light of a shift in government policy to move risk from taxpayers to creditors by reducing the level of support offered to financial institutions.The European Commission ruled that the group must sell a portion of its business by November 2013, as it categorised the stake purchase as state aid.[45] In July 2016, the bank announced it would cut 3,000 jobs because of the economic downturn as a result of United Kingdom European Union membership referendum.[57] In November 2005 an investigation by the Financial Services Authority (FSA) highlighted a lack of compliance controls surrounding payment protection insurance (PPI).A second investigation in October 2006 identified further evidence of poor compliance and major PPI providers including Lloyds were fined for not treating customers fairly.In January 2011 a High Court case began which in the following April ruled against the banks, on 5 May 2011 Lloyds withdrew from the legal challenge.[62] In 2009, the BBC's Panorama alleged that Lloyds TSB Offshore in Jersey, Channel Islands was encouraging wealthy customers to evade tax.An employee of Lloyds was filmed telling a customer how several mechanisms could be used to make their transactions invisible to the UK tax authorities.The bonus scheme pressured staff to hit sales targets or risk being demoted and have their pay cut, the FCA said.[69] In November 2024, Lloyds Banking Group faces increasing pressure from MPs, business groups, and a staff union to release the full, unredacted findings of the Dame Linda Dobbs review investigating a £1 billion fraud at HBOS, with critics demanding transparency and accountability for the long-delayed report.

The Lloyds TSB logotype, used 1995–2009 (group) and 1999–2013 (bank)

Logo used until 2024