Lloyds Banking Group says its subsidiary HBOS made a pre-tax loss of £10.8bn in 2008, while profits at Lloyds fell 80%.
Shares in Lloyds, which is 43% government-owned, fell sharply after a trading update revealed larger-than-expected losses at its subsidiary HBOS.
Lloyds are also in talks with the Treasury in order to reaching an agreement on placing about £250bn of its "toxic assets" in the government's new asset protection insurance scheme.
On Thursday Royal Bank of Scotland (RBS) announced the largest annual loss in UK corporate history
Lloyds sees HBOS loss of £10.8bn
The collapse of our banks is shaping up to be one of the biggest shambles in corporate history.
To the British public, many of these so-called banking executives are no better than bank robbers, with the best scam in town - fuelling growth on massive lending and allowing people to borrow beyond their means in the good times. Then, when everything goes horribly Pete Tong, get our government to bail them out...
Unfortunately our banks are vital to the economy. We simply cannot allow them to fail. We can only hope that lessons are learnt from this debacle, and that it's never, EVER allowed to happen again (but somehow I doubt it)...
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