Lloyds Banking Group is looking for a buyer for its 60% stake in St James’s Place (SJP), according to the Sunday Express.
The report suggests SJP is valued at an estimated £1 billion but is not considered a core asset by new Lloyds chief executive Antonio Horta-Osorio (pictured).
The Express claimed SJP would be sold via either a public offering or offered to a select group of buyers.
Last week it announced 325 jobs were to go as part of the integration, following its announcement last month it was cutting 570 jobs and would close the Cheltenham & Gloucester (C&G) mortgage range sold through advisers.
A Lloyds spokesman said the group would not comment on market speculation.