LLOYDS TO SPLIT TRADERS: SOURCES
Lloyds Banking Group is taking new rules to isolate its trading operations literally. Some traders will soon be physically separated from their colleagues and placed in a glass box to comply, according to people with knowledge of the matter. About 120 staff at the Lloyds Bank Corporate Markets division in London will be put in the partitioned rooms to be finished over the next three to four weeks, said the people who asked not to be identified. A spokesman for the bank declined to comment. The rules, formulated after the financial crisis, require U.K. lenders to shield core services, such as chequing and savings accounts, from riskier banking activities by 2019. Lloyds, which took about 20 billion pounds (C$35 billion) of U.K. taxpayers’ money to prevent its collapse almost a decade ago, has some 1,500 people working in the City of London where the split will be made.