When Lloyds TSB called in its investment banking advisers late last month to advise it on the £15bn ($27bn) takeover of HBOS, its domestic rival, executives at the UK lender faced an unusual dilemma.
In normal circumstances, Lloyds would have called on its two retained stockbrokers. But days before the bank started the frantic negotiations to finalise the details of the deal, one of its brokers – Lehman Brothers – had filed for bankruptcy.
