Lloyds Bank to Pare Back Foreign Exchange Business, Sources Say --Reuters
January 21 2020 - 12:54PM
Dow Jones News
--Lloyds Banking Group (LYG) will likely pare back its foreign
exchange business by year's end, Reuters reported Tuesday, citing
"three sources familiar with the matter."
--The move comes amid lower profits for the business and
increased competition, the report said.
--The bank could restrict its directly managed foreign exchange
activities to G10 currencies, the report said, citing "a source
familiar with the situation."
--A Lloyds's spokeswoman said the bank has no plans to change
its offerings, according to the report.
Full story:
https://www.reuters.com/article/us-lloyds-fx-business/british-bank-lloyds-plans-cuts-to-fx-business-sources-idUSKBN1ZK24O?il=0
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
January 21, 2020 12:39 ET (17:39 GMT)
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