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MOVES-Ring-fencing nudges Lloyds into IB merger

Reuters - UK Focus

By Tom Porter

LONDON, Nov 25 (IFR) - Lloyds has moved to streamline its investment-bank in advance of UK ring-fencing rules, by combining its capital and financial markets into a single unit to be led by managing director of capital markets James Garvey, according to a statement.

Lloyds' trading business now comes under Garvey's remit as head of the new Commercial Banking Markets division.

He will work jointly with head of financial markets Richard Moore until the latter leaves Lloyds next year, and continue to report to chief executive of commercial banking Andrew Bester.

The Bank of England's ring-fencing rules, which force the separation of UK banks' retail and investment banking operations, take effect in 2019.

In a statement Lloyds said the move was a "natural evolution of the current client led business model in advance of the changes." (Reporting by Tom Porter, Editing by Sudip Roy, Helene Durand)