The personal finance division of Lloyds
Banking Group’s Black Horse subsidiary is to be wound down with
immediate effect, after two years of cutbacks and PPI claims
difficulties that have affected the entire personal finance
market.
As a result of the move, which follows the
removal of the Black Horse personal finance branch network last
year, the consumer lending giant headed by FLA chairman Chris
Sutton will continue solely as a motor and leisure finance
provider.
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A total of 310 jobs at Black Horse’s
personal finance division are expected to go. Employees in Cardiff
and Edinburgh will be the most affected, as the business is centred
on those two cities.
Black Horse will continue to write new
personal finance business until the end of February 2011.
Thereafter, the operation will wind down until all its business has
dissipated.
The news should not alarm those employed in
Lloyds’ motor finance business, also branded Black Horse, which
remains strongly supported in the point of sale market with an
expectation to lend £3 billion this year. LBG has made it clear
that it will continue to operate this business.
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