HBOS
Global 500 rank: 107
2008 loss ($ millions): 13,751
The mortgage lender was pushed into the arms of Lloyds by the U.K. government amid fears that a collapse of HBOS would rock British financial markets. Talks of the acquisition ensued after its stock price spiraled to half its value in a single week and concerns grew that stalled credit markets would prevent HBOS from being able to do business.
Especially hard hit in 2008 was its corporate-lending unit, which suffered from investments in real estate. Completed in January, the acquisition, which created the U.K.'s biggest mortgage lender, was intended to prevent nationalizing the troubled company. The move angered Lloyds's shareholders, who say the government pressured the bank into a deal that has only weakened the company.
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