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confirmed in an August 2009 interview with the BBC's Robert Peston that losses had been "at the worst end of expectations", but what had surprised the Lloyds board was the speed at which the losses happened, due to the unexpectedly sharp contraction of the world economy in the last quarter of 2008
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carried out before the acquisition. He said that a company would always like to do more due diligence on another company, but there are limits on how much is possible prior to an actual acquisition. The resultant losses were significantly higher than the £10 billion expected, over 10 times that
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In
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company, which failed in 2001. He joined Lloyds TSB in 2001 as head of retail banking. He became CEO of
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figure, owing to flawed credit policies, ineffective
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graduating in 1973, then a master's degree in
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American chief executives of financial services companies
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