Lloyds to close equities markets arm

 
City A.M. Reporter
Lloyds has decided to close down its Equity Markets unit, which had around 13 employees, as the part-nationalised bank continues its programme of exiting non-core businesses.

"As part of our ongoing plans to simplify our business model, we have decided to withdraw from the equity market. This is a strategic decision based on a refocusing of efforts against our core strengths of providing debt financing solutions to UK customers," Lloyds said in a statement.

"Our equity markets business is modest with a small market representation. We are making every effort to offer redeployment opportunities to affected employees," it added.

Earlier this month, Lloyds announced 200 job cuts at its insurance arm. The bank has cut more than 26,000 jobs since the start of the financial crisis.