News: 50 Cent Addresses Lloyd Banks Leaving G-Unit Rumors

Thursday, Jul 14, 2011 9:33AM

Written by Rosario Harper

New York rapper 50 Cent has shot down rumors and speculation claiming Lloyd Banks is on the verge of leaving G-Unit Records to pursue a career at Def Jam.

According to 50, Def Jam's currently going through its own financial hardships.

Even though 50 has championed G-Unit's independence, speculation has swirled about whether Banks would sign to Def Jam where former G-Unit president Sha Money XL now resides as the Senior VP of A&R. 50, without saying it directly, shot down the notion of a Def Jam deal, citing the label's supposed-financial woes. Recently, the legendary rap label has gone through a bit of restructuring with former head honcho L.A. Reid leaving and Barry Weiss stepping in as chairman and CEO. Regardless, Fif doesn't seem too optimistic for a future at the label. "Well, Def Jam, I'm not even sure what that system -- that system is not in a good space right now. They're like $80 million in the hole," he said, before laughing, "Don't tell them I told you." (MTV)

Last year, Banks said Def Jam and Interscope were both interested in signing him.

"I mean, yeah, they been reaching out, Interscope" Banks confirmed in an interview. "And a few other labels, Def Jam, at this point man, like I said, I've been completely independent, we've sold over 200,000 units already through iTunes -- at this point, whatever makes sense, is the deal I'll go with. If it makes more sense to stay where I'm at, then I'll stay and be independent. If they drop that big bag, then we can talk. I don't ever want to shut no doors out so we'll see what happens in the near future." (Posse TV)

G-Unit affiliate Sha Money XL, also Def Jam A&R VP, recently said he tried to bring Banks to the label.

"I tried to bring [Lloyd] Banks, but they chose EMI," Sha told radio host EI8HT. "The album was amazing but I know I could have did more at Def Jam because Banks is a star. He just needs the right people behind his music. He got 50 [Cent] behind him but I think the machine of Capitol/EMI, they just didn't know what they had. So, they just did my homie wrong. But I tried to bring Banks in." (Street Disciplez Radio)

Although having fallen out of the Top 50 since its release last November, Banks' Hunger For More 2 debuted in the Top 30 during its opening week.

G-Unit member Lloyd Banks' Hunger For More 2 debuted on the chart this week finding a spot at No. 26. After seven days in stores, the "Punch Line King's" newest solo effort managed to sell 44,500 records. (SOHH Sales Wrap)

Check out a recent Lloyd Banks interview down below:

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