R&B crooner Lloyd shocked a number of fans last year when it was announced that he would be leaving Irv Gotti's The Inc. to focus on "just growing in general." Shortly after his departure from The Inc., where he was signed for around five years, Lloyd found a new home at Interscope Records. The BoomBox caught up with Lloyd at the 2010 BET Hip Hop Awards where he spoke on the label change and referred to record labels as banks.

"I'm gonna start off by saying this, a record label is nothing more than a bank to me," Lloyd revealed to The BoomBox. "What's most important is the people who you're around. I chose Interscope Records because of the people I would be surrounded by -- Jimmy Iovine, Polow da Don, Pharrell, Timbaland. I was really excited about actually being able to work around people who are completely dedicated to being the best."

The 24-year-old singer is currently at work on his next studio album, 'King of Hearts,' which will feature production from Pharrell and Polow da Don, as well as a number of guest appearances. The follow up to Lloyd's 2008 album, 'Lessons in Love,' is currently scheduled to be released at the end of the year.

"I'm always gonna work with everybody who I enjoy. And whether it's on my label or an independent, I'm riding with 'em," said Lloyd.