Should the big U.S. banks ever be broken up, the process would at least be familiar ground to some of them. Bank of America Corp. and Citigroup Inc. are part of the consortium advising Lloyds Banking Group PLC on the partial dismantling dictated by European regulators as a condition of fresh public aid.

Lloyds agreed to sell 600 branches to reduce its retail banking market share by 5%. It also plans to sell 19% of its mortgage business.

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