Lloyds sells unprofitable real estate unit for 1 pound

10/16/2009 | Bloomberg

Lloyds Banking Group Plc. sold a chain of unprofitable Halifax real estate agencies to LSL Property Services Plc. for $1.60. Lloyds also said it might cut as many as 460 jobs. The sale "follows a strategic review undertaken by the group which concluded that an estate agency operation is no longer integral to its business model," Lloyds said.

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