Hargreaves Lansdown's CEO, Ian Gorham, has labelled the government's sale of Lloyd's shares exclusively to institutional investors as "disgraceful and patronising".
Gorham (pictured), who plans to retire in 2017, has written a letter to the Prime Minister Theresa May explaining his disappointment that retail investors have been denied the opportunity to participate in the sale, in favour of large City institutions. He added 374,000 investors had previously contacted them regarding the sale of the government's stake in the bank indicating the appetite for shares. Last Friday, Chancellor Philip Hammond announced Lloyds' shares would not be made available to the public as a result of continued market volatility, causing the bank's equity price to fa...
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