Daily News Channel
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 itself posted an 80 percent plunge in pre-tax profit to £807 million ($1.1 billion), which was in line with figures released in a trading update earlier this month.
Lloyds Banking Group saw its share price tumbled Friday after reporting worse-than-expected profits for its subsidiary HBOS. Shares for the UK-based banking group tumbled almost 35 per cent by the close of London trading Friday, Reuters.com reported. The Lloyds Banking Group, formed following the merger between HBOS and Lloyds TSB, began trading for the first time last month