The UK government announced that they are weighing their options whether to sell 5% to 10% of Lloyds Banking Group Plc to investment managers. The government hired JPMorgan Chase & Co. as an adviser on the what strategy to use for returning both Lloyds Banking Group and Royal Bank of Scotland Group Plc to private investors. The U.K. government announced that they are considering selling as much as GBP5 billion or US$7.6 billion of the Lloyds Banking Group Plc shares, making this the first step to reduce its holdings in the lender. JPMorgan Chase & Co picked out 11 banks as possible bookrunners for a stock offering.

"This is essentially a privatization, and governments have always been tough on fees," said Philip Keevil, a partner at New York-based Compass Partners. "It's a huge deal and carries not only league table credits but also bragging rights. The firms that get the business will dominate the equity league tables for the year, which they presumably hope will lead to more private sector business with better fees."