The Bank of England has today revealed that it lent £62 billion in emergency loans to Royal Bank of Scotland (RBS) and HBOS in autumn 2008 – at the height of the financial crisis. At a parliamentary hearing, the Bank’s Governor, Mervyn King, said it “was to prevent a loss of confidence spreading through the [...]
The trade union Accord has announced this morning that 700 jobs are set to go at Lloyds Banking Group’s offices in Aylesbury, Buckinghamshire. Since its merger with HBOS last autumn, Lloyds has axed thousands of jobs due to overlap within the megabank. Lloyds said it planned to move approximately 570 life, pensions and investments administration [...]
Lloyds Banking Group, which is 43% owned by the taxpayer, has today announced it will axe 5,000 jobs by the end of 2010, bringing its total number of job losses this year to 12,500. Since its merger with HBOS last autumn, Lloyds has axed thousands of jobs due to overlap within the megabank. However, a [...]
Lloyds Banking Group has today confirmed it is considering a rights issue, in order to repair its balance sheet which was battered following the takeover of rival HBOS, as well as avoiding participating in the Government’s Asset Protection Scheme (APS). There has been speculation that the bank, which is 43% owned by the taxpayer, has [...]
Lloyds Banking Group is reported to be embarking on a massive fundraising scheme, in order to repair its balance sheet which was battered following the takeover of rival HBOS, as well as avoiding participating in the Government’s Asset Protection Scheme (APS) . The bank, which is 43% owned by the taxpayer, is understood to be [...]
More than 400 jobs could be lost after Lloyds Banking Group has agreed to sell its Halifax estate agency business to LSL Property Services for £1. It is expected that the sale will result in the closure of 121 Halifax banking counters located in estate agents. More than 1,000 employees will be transferred to LSL [...]
Banking giant Lloyds Banking Group has today announced it is shedding a further 200 jobs, bringing its total to 7,500 this year. The bank, which is 43% state-owned, said the latest job losses will affect the bank’s general insurance arm in Newport, South Wales and West Yorkshire. The latest round of job cuts will take [...]
Shares in Lloyds Banking Group have fallen today on the speculation that the banking giant is looking to raise between £10 – £15 billion by selling new shares. According to reports, the Treasury is said to be in support of the possible plans to raise cash from the stock market, which will therefore reduce the [...]
Lloyds Banking Group is the latest bank to announce its first half results and the bank, which is 43% owned by the taxpayer, has slumped to a £4 billion loss. While the bank had warned investors that it would make a loss this year – it wasn‘t as severe as many analysts had originally feared. [...]
Lloyds TSB’s final salary pension scheme could be shut down as the bank looks to cut costs following the acquisition of HBOS. The bank plans to review all its benefits schemes in light of the acquisition, with the pension scheme as a likely cost-cutting target, a statement from the bank said. “When Lloyds Banking Group [...]
Banking giant Lloyds Banking Group is shedding a further 1,200 jobs – just a fortnight after it announced 2,100 jobs would be axed. The job losses now take the total 8,200, since its hasty merger with HBOS last autumn. The bank, which is 43% state-owned, said the latest round of job cuts will be lost [...]
Lloyds Banking Group has dealt yet another jobs blow to its staff with the news that it will axe another 2,100 jobs over the next three years. Lloyds Banking Group, which is 43% state-owned, has shed thousands of jobs following its merger with HBOS last autumn. Since January, the banking giant has announced more than [...]
87% of new shares offered by Lloyds Banking Group have been bought by the bank’s shareholders. Strong support was expected since the shares were offered at 38.43p – heavily discounted from last Thursday’s closing price of 67.1p. Lloyds announced the cash call in order to replace the £4 billion of preference shares held by the [...]
Shareholders in Lloyds Banking Group are set to grill the bank at today’s annual general meeting. Directors of the bank have faced criticism from shareholders following the hasty takeover of HBOS last autumn, which left the group 43% state-owned. The bank is expected to plunge into a loss this year, following the takeover of HBOS, [...]
Lloyds Banking Group has hit the headlines again today with the news it is axing a further 210 UK full-time jobs – in addition to the 625 job losses announced on Tuesday. The 625 job losses are as a result of the bank combining its corporate and small-business lending divisions together. The 210 job losses [...]
Sir Victor Blank has announced he is to retire from the position as chairman at Lloyds Banking Group. Sir Victor’s shock resignation comes as he and chief executive, Eric Daniels, have faced criticism from shareholders following the hasty takeover of HBOS. According to Roger Lawson of the UK Shareholders’ Association: “Almost all of the shareholders [...]
Ethical banking is proving a popular choice for British savers, with record numbers signing up for accounts at the Co-operative. The bank this week revealed that 123% more people have signed up for its current account this year compared to last year. Customers are coming to the Co-operative, which has an ethical screening policy on [...]
As widely expected, the Bank of England has lowered interest rates to a new historic low of 0.5% as it continues its attempts at stimulating the economy. Since October, interest rates have been cut six times in a bid to fight off the recession but the latest cut has been widely criticised since they have [...]
As widely expected by analysts, Lloyds Banking Group has revealed a £10.8 billion loss for 2008 at HBOS – the struggling lender it acquired last month. Following the news, shares in the bank lost 12% to 66p and said 2009 would be another “challenging year”. The group controls around a quarter of British customers’ personal [...]
Lloyds Banking Group shares have fallen further this morning after closing more than 30% down on Friday following the news of a potential £10 billion loss at HBOS. Lloyds, which is 43% owned by the taxpayer, saw its shares fall 7.4p to 54p this morning amid speculation that the Government may be forced to inject [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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