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Lloyds bank announces $5.5 billion loss, massive job cuts

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The British taxpayers must be happy about their 43% ownership of the bank. The bank only cut bonuses 30% yet their earnings have crashed. The bank's outlook for 2012 is not very good, which is why they're chopping another 15,000 jobs in addition to the 30,000 already cut. Keep in mind that this ugliness happened even with quantitative easing, so it could have been even worse. How can they justify the nearly $600 million in bonuses with a record like this? The Guardian:

Lloyds Banking Group has painted a subdued outlook for the UK economy as the bailed-out bank revealed it had plunged to a £3.5bn loss in 2011 and would pay out £375m in bonuses. The chief executive, António Horta-Osório, reiterated the prolonged low interest rate environment would mean some key targets would not be met on time, but the bank would benefit from a faster than expected reduction in impairment charges during 2012. At 35.6p the shares were among the biggest fallers in the FTSE 100, down 2.4%. The drop has left the taxpayer with a £10bn loss on the 41% stake in the bank amid concerns about its forecasts this year for profitability, measured by so-called net interest margin.

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