First day trading for new Lloyds 'superbank'

STAFF at the new Lloyds Banking Group were today set to be summoned to meetings as the new superbank begins trading for the first time.

A timetable outlining steps for a three-year integration is expected to be announced but full information on staff job losses is unlikely. A new Lloyds flag was also set to be unveiled at the former HBOS headquarters on The Mound

Lloyds said Lloyds TSB has traded "satisfactorily" since in November but admitted that "difficult" market conditions had remained at HBOS. Lloyds believes it will deliver total pre-tax annual cost savings greater than £1.5 billion by the end of 2011. The new Lloyds shares opened four per cent higher today.