Lloyds has confirmed its joint venture company with Schroders – Schroders Personal Wealth – will launch in the next two months.

In its interim Q1 statement released today (2 May), Lloyds said part of the £126 million it spent on restructuring costs during the quarter went towards the creation of the joint venture.

Other major areas of expenditure Lloyds Banking Group’s takeover of credit card firm MBNA, and severance costs related to the bank’s strategic investment plans.

“Schroders Personal Wealth [is] on track to launch in second quarter,” Lloyds said in its statement.

Lloyds will own ...