HBOS

The FTSE 100 is losing ground following early morning gains, down 0.31% (14.58 points) at 4656.79.

Lloyds Banking Group has appointed Sir Win Bischoff, the former chairman of US bank Citigroup, as its new chairman.

Lloyds is set to choose a buyer for its Insight Investments operations within weeks, having reportedly received five binding offers from firms including Schroders and Gartmore owners Hellman & Friedman.

Prudential has poached Lloyds Banking Group's Rob Devey, to take up the role of chief executive of Prudential UK and Europe.

Sales at Lloyds Banking Group's life and pensions brands fell by almost a quarter in the first three months of 2009.

The City watchdog has banned a record number of firms that sell mortgages, pensions, investments and insurance.

Lloyds could be forced to write off a further swath of loans made by HBOS to hundreds of companies, after figures showed many of the loans are worth only a fraction of their original value, The Guardian reports.

Lloyds share plummeted today as the firm revealed its recent acquisition, HBOS, made a £10bn loss last year.

The FTSE 100 plunged 65 points from 8am to around 4,170 by 9am this morning as the FSA hit out at HBOS.

The FSA first spotted weaknesses in Halifax Bank of Scotland's (HBoS's) risk controls more than six years ago, it reveals today.