Lloyds to close equity markets division

Lloyds Banking Group has announced it will close down its Equity Markets division – as part of its strategy to dispose of non-core assets.

The division has around a dozen employees and the announcement comes shortly after the bank said 200 jobs would go at its insurance arm.

Since the onset of the financial crisis, the bank, which is 43% owned by the taxpayer, has axed more than 26,000 jobs.

In a statement, the bank said: “Our equity markets business is modest with a small market representation. We are making every effort to offer redeployment opportunities to affected employees.”

The banking giant has made several disposals recently as it continues to sell assets under the orders of the European Commission as a punishment of the billions of pounds in state aid that the bank received from the Government at the height of the financial crisis.

Royal Bank of Scotland, which is 83% owned by the taxpayer, is in the midst of a similar strategy – recently disposing of the Priory Group – the care home and clinic renowned for treating celebrities.