British bank Lloyds TSB’s profits plunge 70%

http://www.thisislondon.co.uk/standard/article-23523323-details/Profit+crash+rocks+banks/article.do

The news hit London on July 30th that one of the most conservative of the British major banking institutions saw its profits plunge by 70%.  “The result was far worse than a pessimistic City was expecting and raised fears for high street rivals. HBOS, which owns Halifax, reports tomorrow and Alliance & Leicester the day after.  Lloyds TSB blamed the global credit crunch and losses in its insurance business. The figures will heighten government fears that more small banks could collapse such as Northern Rock. Lloyds was regarded as the most conservative of the big banks and had won praise for resisting the temptation to make risky loans during the boom years.”

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