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Massive drop in Lloyds shares
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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Weather for Halifax
Saturday 11 February 2012
Today
Sunny spells
Temperature: -1 C to 0 C
Wind Speed: 8 mph
Wind direction: South west
Tomorrow
Cloudy
Temperature: 2 C to 4 C
Wind Speed: 9 mph
Wind direction: North west
