Out for combo of reasons1: Wanted to build my position in BFH, a U.S. bank that has been crashing and is under attack by shorts (I think), so took the tax loss on LB and moved funds into that, for the long term.
2: The sheet show at LB is driving me bonkers. First the screwup with the takeover offers, then they fire the CEO, and the chair leaves, all indicating everything is a giant mess behind the scenes and the board has no cohesion. They put in a new CEO, who might suck as bad as the second before last one (Alex Pourbais? off memory), which seemed like an "ok dude" but nowhere near the caliber of normal bank CEOs. I have a character flaw in that incompetence really grates on my nerves, so I'm bailing. have just mini positions left sitting in my TFSA.
That being said, LB is super cheap at these levels, and very highly likely to gain once the current problems stabilize and all the smoke lifts over the next 2-3 quarters. Pretty sure people hanging in there will do nicely with it.
GLTA fellow investors