Sell Lloyds bank for a -16% loss. I’m sorry everyone. I blew it on this pick. We have held this position in the portfolio since October 2017 and it has not panned out for us. Things are getting worse, much worse for Lloyds Bank.
Short sellers are hitting Lloyds Banking Group hard in an attempt to capitalize on Brexit fears. The market is clearly telling us that Brexit will have a big negative impact on Lloyds Bank. The stock recently hit $3.06, a level that the stock traded at in 2016, and 2013 when Lloyds was still government owned.
Lloyds has announced more than 100 branch closures in less than a year. They just announced that they plan to close another 15 branches.