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As many as 40,000 jobs are feared lost in the transaction, but Lloyds' Chief Executive Officer Eric Daniels said it was too early to give an accurate number, The Times of London reported.

Accord, the union representing 32,000 HBOS staff members, accused the government of failing to come up with a bailout plan that could have saved their jobs, the Times reported.

Victor Blank, current Lloyds chairman, will become chairman of the merged banks, which has yet to decide on a new name. Daniels was named chief executive officer.

Blank said he spoke with Prime Minister Gordon Brown Monday to review antitrust issues.

"I asked if the government was prepared to give support in relation to competition issues. What the prime minister said was that the government would do that", Blank said.

Britain's Secretary of State for Business John Hutton said the government would allow the merger to protect national interests, The Times reported.

Daniels called the event, "a landmark day."

"If you think about the company, it really puts us on the global scale", Daniels said.

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