"It would not be appropriate for Lloyds to think about investment banking when they have a very large U.K. domestic operation to get back on track and make profitable, " he said, adding that if investors wanted to put their money in a British lender with investment banking exposure, they could just invest in Barclays.
Compare that to individual investors, most of whom are not even given the option of REITs in their 401(k) plans (nor by their broker), and you'll think individual investors need to catch on to what experienced managers have known for years.