Lloyds share plummeted today as the firm revealed its recent acquisition, HBOS, made a £10bn loss last year.
Original estimates put the troubled Scottish Bank's losses at £8.4bn, but Lloyds says the figure will be nearer to £10bn.
Share fell by 40% following the announcement, but have recovered slightly and are currently 30% down.
The Lloyds part of the business is expected to make a profit of £1.3bn, which will do little to dampen the impact of HBOS's problems.
Much of the loss is attributed to HBOS's corporate division, which was heavily invested in housing and commercial property and made a £7bn writedown last year.
Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected]IFAonline
'Right thing to do'
£69m spent on upgrades
European fintech market 'underserved'