Schroders: Lloyds sell-off plans set dangerous precedent

In a submission to the International Commission on Banking (ICB), the company says the plans may harm competition in British banking and undermine EU lawmaking, according to Sky News. An ICB interim report in April recommended taxpayer-backed Lloyds Banking Group sell more than the 632 branches initially ordered by the European Union (EU). The EU wants Lloyds to sell branches to reduce its dominance on the high street. According to an unnamed source quoted by Sky, Schroders' submission states: "Given that HBOS [which Lloyds TSB bought during the banking crisis] had 1300 branches an...