18 May 2009

Sir Victor Steps Down as Lloyds Chief

Sir Victor Blank, Lloyds chairman, has announced that he will step down from next year.

The announcement has shown an increase in shares in the bank - a surprise move, one which may have affected CFDs traders - but certainly shows a possible link between the chairman's exit and the bank's future.

The decision has been welcomed by many who feel that his choice to take over HBOS, a merger which caused billions of losses, was a very poor one. But board members have praised Blank, saying that he was - and still is - a "first class chairman" and that he is in no way solely responsible for the losses of the bank.

The Treasury oversees the 43 per cent share in the bank that is now owned by the UK taxpayer - a move which was made in order to try and salvage the ailing "superbank".

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