Lloyds Bank to Pare Back Foreign Exchange Business, Sources Say --Reuters

Date : 01/21/2020 @ 5:54PM
Source : Dow Jones News
Stock : Lloyds Banking Group Plc (LYG)
Quote : 2.69  0.0 (0.00%) @ 9:56AM

Lloyds Bank to Pare Back Foreign Exchange Business, Sources Say --Reuters

Lloyds Banking (NYSE:LYG)
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--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)

Copyright (c) 2020 Dow Jones & Company, Inc.

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