Published Date:
20 January 2009
Shares in the new Lloyds Banking Group plunged by 33 per cent to close at 65p last night after its first day of trading.
The collapse, which happened alongside a general fall in banking stock, came despite the Government's latest rescue package for the financial industry.
Following merger with Lloyds, an ex-HBOS shareholder who had 400 shares had their £238.12 holding of yesterday morning slashed to £157.30.
As Lloyds completed the acquistion of HBOS yesterday it announced it will slash more than £1.5bn from the annual costs by 2011.
The announcement led to fears that job cuts from the merger could be even more severe than first thought.
Analysts say between 10,000 and 30,000 staff could go nationally.
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Last Updated:
20 January 2009 2:17 PM
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Source:
Evening Courier
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Location:
Halifax