Lloyds Banking Group is preparing to scrap the Halifax brand after 173 years on the high street, in what would amount to one of the most significant rebrands in British banking history.

The FTSE 100 lender, which also owns Lloyds Bank, Bank of Scotland and pensions and investment business Scottish Widows, is reported to be drawing up plans to wind down Halifax as a standalone consumer-facing brand, with existing customers gradually migrated across to Lloyds Bank. According to The Sun, which first reported the story, new digital account applications through Halifax could be paused as early as July, with the brand expected to stop taking on new customers altogether by October.

A Lloyds Banking Group spokesperson said the company “regularly looks” at the role its brands play in supporting customers, but stressed there are “no changes for customers as of today” and that no final decision has been taken.

The end of a 173-year-old high-street name

If confirmed, the move would draw a line under a brand whose roots stretch back to 1853, when the Halifax Permanent Benefit Building and Investment Society was founded above a coffee house in the Yorkshire mill town that gave it its name. By 1913 it was the largest building society in the country, and its 1997 demutualisation, which turned 7.5 million members into shareholders, remains the biggest stock-market flotation of its kind in UK history.

Halifax merged with the Bank of Scotland in 2001 to form HBOS, before being absorbed into Lloyds Banking Group during the emergency rescue of the financial crisis in January 2009. It has since operated as a trading division of Bank of Scotland, sitting alongside Lloyds Bank within the same group while continuing to compete with it on the high street and online.

Why lloyds is consolidating

Industry analysts have long suspected that maintaining four overlapping consumer brands, Lloyds, Halifax, Bank of Scotland and Scottish Widows, would eventually become commercially unsustainable as more customers move to digital channels. With the differences between Lloyds and Halifax now largely cosmetic for many product lines, particularly mortgages and current accounts, consolidating onto a single retail brand would reduce marketing duplication, simplify technology spend and concentrate scale behind one black horse.

The shake-up also lands against a backdrop of accelerating physical retrenchment. The group has already confirmed plans for a fresh round of Lloyds, Halifax and Bank of Scotland branch closures running through 2026 and into 2027, affecting dozens of locations across the country.

More broadly, the House of Commons Library estimates that around 6,700 bank and building society branches have closed in the UK since January 2015 – roughly two-thirds of the network that existed a decade ago.

Lloyds is not alone in slimming down its brand portfolio. The recent decision to retire the TSB name from Britain’s high streets following Santander’s takeover of the lender underlines a broader pattern of UK banking consolidation in which long-standing high-street identities are being absorbed into larger corporate parents.

What it means for customers and SMEs

For existing Halifax customers, the group has indicated that any transition would be phased and that account numbers would remain unchanged. Customers who hold accounts with both Halifax and Lloyds will continue to benefit from separate Financial Services Compensation Scheme (FSCS) protection limits because of the way the group is structured, an important point for savers and small businesses with balances above the £85,000 single-bank threshold.

For SMEs in particular, the implications are more strategic than administrative. Halifax has historically been a significant mortgage lender to self-employed borrowers, contractors and owner-managers, often willing to underwrite cases on as little as one year of accounts, and a familiar route into homeownership for staff at small businesses. Folding the brand into Lloyds reduces the optical diversity of the UK lending market, even where the underlying balance sheet remains the same, and may concentrate decision-making in fewer hands.

Consumer group Which? has repeatedly warned that successive waves of branch closures and brand consolidation are narrowing choice for vulnerable customers and small firms, particularly in market towns where rival fascias are increasingly run from the same back office.

The Treasury’s Access to Banking Review, launched to assess the impact of branch withdrawals across the UK, is now expected to face fresh political pressure if one of the country’s most familiar high-street names is also removed from the skyline.

A defining moment for british banking

Quietly retiring Halifax would mark a defining moment in the long-running consolidation of UK retail banking, the point at which the post-2008 patchwork of legacy brands finally gives way to a smaller number of dominant digital-first names. Lloyds will be acutely aware of the sentimental power of a 173-year-old high-street fixture, and of the political sensitivity around access to face-to-face services.

For now, the group is keeping its options open. But for customers, small businesses and the wider market, the signal is unmistakable: the era in which Lloyds Banking Group ran two parallel retail high-street brands is drawing to a close.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

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NEW YORK — LiveRamp Holdings Inc. (NYSE: RAMP) shares skyrocketed more than 27% to $37.87 in morning trading Monday after the data collaboration platform announced a $2.5 billion all-cash acquisition by French advertising giant Publicis Groupe and reported fiscal fourth-quarter results that topped Wall Street expectations.

The deal, unveiled alongside earnings late Sunday, values LiveRamp at $38.50 per share — a 30% premium to the company’s May 15 closing price of approximately $29.66. The transaction sent the stock surging toward the offer price as investors locked in the substantial takeover premium in a classic “merger arbitrage” reaction.

Publicis Groupe, one of the world’s largest advertising and marketing services companies, is acquiring LiveRamp to bolster its data and artificial intelligence capabilities. The move aims to help clients navigate a fragmented media landscape where privacy regulations and platform changes have complicated targeted advertising. LiveRamp’s identity resolution and data clean room technology will integrate with Publicis’ existing assets to create more sophisticated, privacy-compliant solutions for brands.

“This acquisition accelerates our strategy to lead in data co-creation and smarter agents for our clients,” said Publicis Chairman and CEO Arthur Sadoun in a statement. “LiveRamp’s platform perfectly complements our capabilities and positions us strongly in the evolving AI-driven advertising ecosystem.”

For LiveRamp, the deal represents a lucrative exit after years of operating as a public company. CEO Scott Howe described it as delivering “significant and certain value” to shareholders while providing the resources and global scale needed to expand the platform further. The transaction is expected to close by the end of calendar 2026, subject to shareholder approval and customary regulatory clearances.

The announcement coincided with solid fiscal 2026 results for the period ended March 31. LiveRamp reported fourth-quarter revenue of $206 million, up 9% year-over-year and slightly ahead of consensus estimates. Subscription revenue grew 9% to $158 million, while Marketplace & Other revenue rose 11% to $49 million.

Adjusted earnings per share came in at $0.52, beating analyst forecasts of $0.49. For the full fiscal year, revenue reached $813 million, also up 9%, with record operating cash flow of $168 million. The company repurchased $194 million worth of shares during the year, underscoring confidence in its value prior to the deal.

Annual recurring revenue climbed 8% to $545 million, and subscription net retention improved to 107%, signaling strong customer loyalty and expansion. These metrics highlighted LiveRamp’s resilience in a challenging advertising environment marked by economic uncertainty and shifting privacy rules.

The surge propelled LiveRamp’s market capitalization above $2.4 billion in early trading, approaching the full equity value of the deal. Volume was exceptionally heavy as traders rushed to position for the near-certain premium at closing. Short interest, which stood around 5.88% of float as of late April, likely contributed to additional upward pressure as shorts covered positions.

Analysts and investors largely cheered the transaction. The premium offers immediate and certain returns, removing execution risk for shareholders who had watched the stock trade in a relatively narrow range for much of the past year. Some longer-term holders expressed mild disappointment at missing potential upside from independent growth, but most viewed the deal as a strong outcome given current market conditions for ad-tech companies.

The acquisition fits into a broader wave of consolidation in the data and advertising technology sector. As major platforms tighten privacy controls and regulators scrutinize digital tracking, companies with robust first-party data and clean room solutions have become highly sought after. Publicis’ move follows similar strategic acquisitions by peers seeking to own more of the data stack rather than relying on third-party intermediaries.

LiveRamp, formerly part of Acxiom, has positioned itself as a neutral data collaboration leader. Its platform helps brands, agencies and publishers connect customer data across silos without compromising privacy. The technology powers personalized marketing while meeting stringent compliance standards like GDPR and CCPA. Integration with Publicis should accelerate adoption and innovation, particularly in AI-powered audience building and measurement.

Wall Street reaction extended beyond LiveRamp. Publicis Groupe shares traded modestly higher in European trading as investors weighed the strategic benefits against the cash outlay. The deal is expected to be financed through existing resources and potentially debt, with minimal dilution risk.

For employees and partners, the acquisition brings stability and access to greater resources. LiveRamp will operate as a distinct unit within Publicis, preserving much of its San Francisco-based culture and innovation focus during the transition period.

The stock’s dramatic move highlights how merger announcements can rapidly reprice even well-followed names. Prior to the news, LiveRamp traded around $29-30 with a forward price-to-sales multiple considered reasonable for its growth profile. The $38.50 offer price implies a significant valuation uplift and effectively caps near-term upside unless the deal faces unexpected delays or competing bids.

As markets digest the news, attention turns to the shareholder vote and regulatory timeline. Antitrust reviews are expected to be straightforward given limited overlap between the companies’ core operations. The deal’s structure as all-cash reduces financing risk and provides clarity for investors.

LiveRamp’s journey from public markets to acquisition marks another chapter in the evolution of data infrastructure companies. What began as a spin-off focused on identity resolution has grown into a critical player in modern marketing technology. For shareholders, the Publicis transaction delivers substantial immediate value while positioning the platform for continued relevance in an AI-augmented advertising future.

Trading remained active Monday morning with the stock hovering near $37.80-$38.00 as arbitrageurs and momentum players dominated activity. While some volatility is likely until closing, the path appears set for LiveRamp investors to realize the premium in the coming months.

The Trump administration on Monday unveiled the nation’s first Workforce Pell Grant program, a federal student aid initiative designed to move Americans more quickly into high-demand jobs through short-term training and certification programs.

Education Secretary Linda McMahon announced the program in a FOX Business exclusive interview on “Mornings with Maria,” calling it a key part of President Donald Trump’s workforce and economic agenda.

The initiative will allow eligible students to use Pell Grants for credential and certification programs that can lead to employment in as little as eight weeks, McMahon said.

The administration says the program is aimed at helping fill labor shortages in industries including skilled trades, manufacturing and health care as companies ramp up hiring and expand domestic production.

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Education Secretary Linda McMahon said the initiative will allow eligible students to use Pell Grants for credential and certification programs that can lead to employment in as little as eight weeks. (Tom Williams/CQ-Roll Call, Inc via Getty Images)

“We have to fill our workforce shortage,” McMahon said. “This is a new program – from eight to 15 weeks – where you can go in, get certifications and get into the workforce and get a job.”

Eligible programs include training for electricians, HVAC technicians, carpenters and other skilled trades.

The Trump administration on Monday unveiled the nation’s first Workforce Pell Grant program. (Darren McCollester/Getty Images)

The rollout comes as the administration also pushes broader reforms to the federal student loan system, including new annual caps on graduate and professional school borrowing. Officials say the changes are intended to curb rising tuition costs and shift more students toward career-focused training pathways tied directly to workforce demand.

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McMahon argued that Workforce Pell Grants will offer a cheaper and faster alternative for many Americans seeking stable careers.

“You can stack these credentials in electrical work, HVAC, carpentry – a lot of the skills and workforce that we need because we are desperately in need of this workforce development,” McMahon said.

The rollout comes as the administration also pushes broader reforms to the federal student loan system. (Stefani Reynolds/Bloomberg via Getty Images)

The administration points to growing shortages in skilled trades as a major driver behind the program. McMahon cited data showing that for every five workers leaving the skilled labor force, only two are replacing them.

“If we don’t reinforce this workforce, by 2030 we’d need about 2.1 million,” she said.

McMahon also said community colleges are increasingly partnering with high schools to allow students to graduate with workforce certifications alongside traditional diplomas.

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“As we are reshoring manufacturing and building anew in this country, we will have the workforce that we need,” McMahon said. “It’s vital that we do that.”

The Department for Transport (DfT) asked the operator to cut costs, with about 38 daily weekday services set to be removed from July 20

One in seven train services are to be cut on Avanti West Coast’s busiest routes following a Government request to reduce expenditure, the operator has confirmed.

Approximately 38 daily weekday services will be stripped from timetables for a six-week period beginning July 20.

The company typically operates 248 daily services on the affected routes, which link London Euston with Birmingham, Liverpool and Manchester via the West Coast Main Line.

Avanti West Coast said it put forward the proposal to remove certain lower-demand services in response to a directive from the Department for Transport (DfT) to rein in costs. The plan has since received approval from departmental officials.

Avanti West Coast – a joint venture between FirstGroup (70%) and Italian state operator Trenitalia (30%) – said the measure will cause minimal disruption to passengers and will have no adverse effect on revenue.

All train services operating under DfT contracts are in the process of being transferred to public ownership.

Even operators such as Avanti West Coast, which have yet to relinquish their franchises, have their finances heavily shaped by the DfT.

This stems from contracts introduced in March 2020 at the outset of the coronavirus pandemic.

An Avanti West Coast spokesperson said: “From July 20 to August 28, we will be operating an amended timetable between London and Birmingham, Liverpool and Manchester on weekdays.

“To ensure minimal impact to those travelling between the affected dates, these changes will only affect routes on which we operate more than one train per hour, during typically less busy periods of the day – maximising alternative journey options.

“We’d like to encourage customers planning to make journeys during this time to plan ahead, and thank them for their understanding.”

Affected services are being withdrawn from online ticketing platforms before they become available to purchase.

The DfT was contacted for comment.

Avanti West Coast temporarily cut its timetables in August 2022 in a bid to reduce last-minute cancellations, following a sharp drop in the number of drivers voluntarily working rest days for additional pay, amid widespread industrial disputes across Britain’s rail network.

The operator has since restored its capacity beyond pre-pandemic levels.

Avanti stressed that the latest round of service reductions is not the result of a shortage of resources.

Figures from the Office of Rail and Road reveal that Government funding of rail industry operations stood at £11.9 billion in the year to the end of March 2025.

That represented a 7% decline from £12.7 billion during the preceding 12 months, yet remained 47% higher than the £8.1 billion recorded in 2019/20.

Last year’s £11.9 billion figure accounted for 46% of the industry’s total costs, with fare revenues funding the overwhelming majority of the remainder. In January 2024, Avanti West Coast issued an apology after taxpayer funding was referred to as “free money” during an internal management meeting.

Novara Media, which broke the story, published an image of a presentation slide bearing the headline: “Roll-up, roll-up get your free money here!” A further slide outlined how train operators receive Government bonuses even when services fail to run entirely to schedule, under the service quality regime.

The port continues to invest in infrastructure and recruit new staff

The Port of Milford Haven has reported strong trading following continued investment.

Its financial report for 2025 shows it achieved 11% growth in gross tonnage and 17% growth in total cargo movements, underlining the strength of its core operations and customer-focused strategy. Service performance also remained industry-leading, with the Port delivering greater than 98% service availability for customers of its pilotage services.

Turnover increased to £45.2m (2024: £43.2m), with operating profit of £5.2m (2024: £6.8m). Profit before interest and tax improved to £6.9m, (2024: £6.1m) supported by the £1.7m gain on revaluation of investment properties.

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Significant investment continued throughout the year, with £18m invested in 2025 following £27.4m in 2024. Key projects included enhancements to essential marine infrastructure, such as the construction of a new pilot jetty, a refurbished vessel traffic services (VTS) command centre, and sea trials for its new pilot boat, Llanion, all supporting the safe and efficient operation of the Waterway.

During the year the port expanded its workforce by 25, alongside four new apprentices – a record intake for the port. It has also expanded its marine team by 35% over the past five years, strengthening resilience and maintaining exceptional levels of service for Waterway users.

At year end it employed 231 with 129 operational and 102 office staff.

The port is UK’s biggest energy port and Wales’ busiest port handling around 20% of Britain’s seaborne trade in oil and gas. Along with the cluster of energy-related businesses along the waterway, is a key driver of economic activity in Pembrokeshire, it helps supporting over 4,000 jobs.

It also achieved 2025 UK’s Best Workplaces for Women status, an important milestone within a traditionally male-dominated industry.

Dr Siân George, chair of the Port of Milford Haven, which also includes the port of Pembroke, said: “Our continued growth has been achieved not by chance, but through deliberate choices, and reflects our long-term perspective – one that prioritises our customers and our many stakeholders.

“As a trust port, we are committed to our mandate to ensure we hand on the Port in a better condition to future generations. We do this by placing responsible growth, environmental stewardship and prosperity for the communities who depend on the waterway, at the forefront of our decision-making process.”

Chief executive Tom Sawyer said: “I would describe 2025 as another year of solid performance; one where our service delivery and business resilience continued to improve. We saw our fourth consecutive year of revenue growth and another year of strong profits.

“We thank our customers and waterway communities and partners for their ongoing support, collaboration and challenge helping us to continually improve. “