Antonio Horta-Osorio, the new chief executive of part-nationalised bank Lloyds Banking Group, warned that the lender consume up to five years to recover as the problems were more sever than he anticipated. 
 

Independent Commission on Banking (ICB) has claimed that the financial crisis led to Lloyds acquiring rival HBOS. The Commission also found a lack of price transparency in the current account market of Lloyds as well as difficulty in switching accounts.

The announcement comes as the UK government prepared to set out tomorrow plans to break up Royal Bank of Scotland and Lloyds Banking Group.

Royal Bank of Scotland, which was released by the UK government in the come around of the global financial crisis, plans to axe about 3,700 jobs across its retail operations in Britain.

RBS said it would consider selling more assets than initially planned in order to mollify European Commission concerns are set to be revealed.