Lloyds Banking Group has been making headlines recently due to various developments. The bank announced plans to cut 1,600 jobs across its branch network while creating 830 new roles in an expanded team focused on relationship growth. Additionally, Lloyds, along with Santander UK, faced allegations of providing accounts to front companies secretly owned by Iranian petrochemicals firms under US sanctions. Furthermore, Lloyds Bank plc, a part of Lloyds Banking Group, was involved in a repayment deal with the Barclay family, facilitated by an Abu Dhabi-backed fund, to regain ownership of The Daily Telegraph titles.
Lloyds Banking Group is a prominent British retail and commercial bank with branches across England and Wales. Established in Birmingham in 1765, it has a long history in the UK banking sector. Lloyds is considered one of the "Big Four" clearing banks in the country. Over the years, the bank has expanded its operations and services, catering to a wide range of customers from individuals to businesses. Despite facing challenges such as job cuts and allegations of facilitating accounts for sanctioned entities, Lloyds remains a key player in the UK banking industry.
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UK banks Lloyds and Santander allegedly provided accounts to front companies secretly owned by Iranian petrochemicals companies facing US sanctions.
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Lloyds Banking Group is cutting 1,600 jobs across its branch network as part of a move towards online banking, while creating 830 new roles in an expanded 'relationship growth' team.
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An investment fund backed by Abu Dhabi has agreed to provide loans to the Barclay family to repay debts owed to Lloyds Bank, potentially taking control of the Telegraph and Spectator.
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