The three men at the top of the organisation; chairman, Lord Stevenson and two chief executives, James Crosby and Andy Hornby were blamed for the collapse by a group of MPs. The FTSE overall was down more than 70 points, while Lloyds TSB shares had also marginally dropped. Sky News has learnt that the Lloyds Shareholder Action Group (LSAG) last week told the bank that it would abandon its claim in exchange for a payment of roughly £500m, according to insiders. Goldman Sachs was down eight per cent. Lloyds chairman Sir Victor Blank is forced to step down after losing the confidence of major shareholders. "Furthermore, it was a breach of the directors' duties to the Lloyds shareholders for the directors of Lloyds to recommend the acquisition at the EGM on what they knew to be incomplete and misleading information, statements and advice.". Lloyds TSB has agreed a merger deal with Britain's biggest mortgage lender, HBOS, which owns the Halifax, in what is the largest ever banking rescue in the UK. Almost half of families say they WILL stick to Covid regulations over festive period - but one in five would break the law to see their loved ones, Now Professor Lockdown and Imperial team say Covid-19 kills 1.15% of all patients - TWICE as high as the best guess of No10's top scientists and the World Health Organization, Daily Covid-19 cases rose by 50% last week in England and 1 in 100 people were infected a week ago, ONS estimates - but separate study claims outbreak is 'steady', Boris Johnson and Carrie Symonds unite for first joint TV appearance as they praise 'utterly brilliant' NHS staff for saving his life and the maternity team that delivered son Wilfred, Is the R rate really 3 in London? Why not be the first to send us your thoughts, Read about our approach to external linking. However, MPs accused the bank of "reckless" lending policies, and in fact by 2008 the gap between loans and deposits was a staggering £213bn. Andy Hornby, aged 38, takes over. 2002- 2003: The regulator at the time, the Financial Services Authority (FSA) conducts a full risk assessment of HBOS. That would be bad news for the company's two million smaller shareholders, many of whom picked up their holdings when Halifax demutualised more than a decade ago. Insurance giant AIG saved by $85bn loan from U.S. Federal Reserve... but crisis spreads to Morgan Stanley and... Unemployment highest for a decade at 1.72million as 81,000 more join the dole queue, British bank Barclays in £978m swoop for U.S. arm of fallen Lehman Brothers, Spivs, sharks and why the champagne corks were popping on Meltdown Monday, Fixed rate mortgage deals back to pre-credit crunch levels - but there's a catch which costs at least £3,000, Fresh hope for UK economy as experts predict interest rate cut as soon as inflation drops, COMMENTARY: Why our favourite lender can't be allowed to fail, Mass brawl erupts in Burger King as 'hammer-wielding' yobs fight, Kate Middleton talks about William cooking her Bolognese, Nigel Farage at Arizona rally: 'Trump is bravest man in the world', Jewish men get shoved by BLM after trying to show solidarity, Spain's rising coronavirus cases described as 'bad numbers', China: Adorable golden tiger quadruplets seen at zoo, Shocking moment two young children are locked up in a metal cage, Coronavirus restrictions: Government 'not ruling anything out', 'Devastated' Priti Patel reacts to 'terrible' Nice terror attack, Nice terror attack: Police storm Catholic church and fire gunshots, Nice terror attack: Moment French police swoop on Catholic church, Scene where hero father pulled family who swept out to sea to safety. or debate this issue live on our message boards. He parts company with the bank once the merger with Lloyds has been completed. A spokeswoman for Lloyds said the action group's claim had "no merit" and "would be defended vigorously". At HBOS's London headquarters, staff were still in the dark about what might happen to the bank.
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