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News Tag: Lloyds Banking Group

November 16, 2012

Taxpayers may never recoup bank bailout money

by Jan Harris
Taxpayers may never recoup bank bailout money
UK taxpayers may never recover the £66bn spent by the government to bailout RBS and Lloyds Banking Group during the financial crisis, a parliamentary committee has warned. The government bought 40 per cent of Lloyds and 82 per cent of RBS in 2008, when the banks were at risk of collapse. Earlier that year it nationalised Northern Rock when the subprime mortgage ...




November 1, 2012

PPI costs increase for Lloyds and Barclays

by Jan Harris
PPI costs increase for Lloyds and Barclays
Lloyds Banking Group has set aside a further £1 billion to cover compensation costs for customers who were mis-sold Payment Protection Insurance (PPI). Yesterday, Barclays revealed £700m of PPI costs in the 2012 third quarter increasing its total provision to £2bn. Lloyds Banking Group, which has made the largest PPI provision out of all the UK retail banks at £5.3bn, recorded a ...




October 15, 2012

Consumer spending power weakens

by Jan Harris
Consumer spending power weakens in September
Annual income growth fell to 1.7 per cent last month, its lowest level since December 2010, according to Lloyds Banking Group’s Spending Power Report for September. This was largely responsible for a 0.9 per cent fall in real discretionary spending power, with the amount consumers have to spend on non-essential items falling around £8 per month. Taking into account inflation, real income growth ...




September 7, 2012

Lloyds chief says banks should be boring

by Jan Harris
Lloyds chief says banks should be boring
Lloyds Banking Group’s chief executive, Antonio Horta-Osorio, has called for banks to be simple and boring in order to regain the trust of the public following the recent series of scandals. Speaking at the CBI Scotland annual dinner, Mr Horta-Osorio said that the general public had been let down by "complacent, non-customer focused and inefficient" banks. Recent scandals, which have included ...




July 19, 2012

Co-op bank boosts high street presence

by Jan Harris
Co-op bank boosts high street presence
The Co-op’s long-awaited deal with Lloyds Banking group has taken a major step forward with the sealing of a Heads of Terms agreement, under which the Co-op will pay around £750m for 632 Lloyds branches. Lloyds Banking Group was ordered to sell the branches under the terms of the bail-out it received from the government four years ago. The latest move ...




April 30, 2012

NBNK seeks investment for new Lloyds bid

by Jan Harris
NBNK seeks investment for new Lloyds bid
NBNK Investments Plc is reported to be talking to Middle Eastern sovereign wealth funds with a view to increasing its bid for 632 branches being sold by Lloyds Banking Group. Lloyds has been in exclusive talks with the Co-operative Group over the ‘Project Verde’ business since December, but announced on Friday that these talks had ended. It is selling the ...




February 29, 2012

Regulator receives most complaints about Barclays

by Jan Harris
Regulator receives most complaints about Barclays
The Financial Ombudsman Service (FOS) received more complaints about Barclays than any other single UK bank in the second half of 2011, but Lloyds topped the list of most complained about banking groups. The FOS received a total of 11,524 complaints about Barclays between 1 July and 31 December - 6,975 were about the mis-selling of Payment Protection Insurance (PPI) and ...




February 23, 2012

RBS chief defends bonuses despite £2bn loss

by Jan Harris
RBS chief defends bonuses despite £2bn loss
Royal Bank of Scotland made a loss of nearly £2 billion last year but still paid out £785 million in bonuses to staff, including £390 million to investment bankers. The average bonus per group employee was £5,346, but the bank’s 17,0000 investment bankers received an average bonus of £22,941. Bankers’ bonuses have come under intense scrutiny since the start of the ...




January 30, 2012

Lloyds withdraws charity credit cards

by Jan Harris
Lloyds withdraws charity credit cards
Lloyds Banking Group has decided to withdraw Halifax and Bank of Scotland charity credit cards at the end of February because it doesn’t consider them a cost-effective way of donating to charity. The bank has been issuing charity credit cards for over 23 years and they have raised millions of pounds for charities such as Cancer Research UK, the NSPCC and the ...




December 14, 2011

Co-op Bank to buy Lloyds branches

by Jan Harris
Co-op Bank to buy Lloyds branches
The Co-operative Group has been named preferred bidder for 632 branches being sold by Lloyds Banking Group. The Co-op was in competition with NBNK for the branches which are being sold under European competition rules. It will now enter exclusive talks with Lloyds over the deal, which would expand its branch network to 947, giving it a presence on High Streets ...




November 10, 2011

Co-op cuts mortgage fees

by Jan Harris
Co-op cuts mortgage fees
The Co-operative Banking Group has announced that rates on its five-year fixed rate mortgages are being reduced by up to 0.90 per cent. The group is also withdrawing the £999 arrangement fee on its five-year products available exclusively to current account customers. Following the changes the group offers five-year fixed rates mortgages with rates ranging from 3.39 to 5.99 per cent APR, ...




November 8, 2011

Lloyds woes deepen on £3.8bn loss

by Jan Harris
Lloyds’ woes deepen as it reports £3.8bn loss
Lloyds Banking Group announced a loss of £3.8bn for the first nine months of the year, including a £3.2bn provision for payment protection insurance, compared with a £1.9bn profit in the previous year. The group’s shares, which fell by 25 per cent following news earlier this month that chief executive António Horta-Osório was on sick leave, showed a 6 per ...




August 4, 2011

Lloyds Banking Group profits lower on PPI costs

by Kay Mitchell
”Lloyds
Banking giant Lloyds Banking Group has today said its first half profits were hit by costs relating to its mis-selling of payment protection insurance (PPI). The controversial insurance has been a hot topic for some time now and the Financial Services Authority (FSA) introduced a review of the insurance after millions of policies were mis-sold and thousands of complaints were ...




June 30, 2011

15,000 more jobs to go at Lloyds Banking Group

by Kay Mitchell
”15,000
Banking giant Lloyds is to axe a further 15,000 jobs, as part of a cost-cutting exercise and will see the bank withdraw from international banking. The job cuts were first unveiled by the Sunday Times earlier this month but have only been confirmed today. The banking giant, which is 41% owned by the taxpayer, has axed more than 27,500 ...




June 13, 2011

Lloyds Banking Group set to axe thousands more jobs

by Kay Mitchell
”Lloyds
According to a report in the Sunday Times, banking giant Lloyds is set to axe a further 15,000 jobs, as part of a cost-cutting exercise. The job losses are expected to be revealed at the end of this month by chief executive, Antonio Horta-Osorio, who assumed the role earlier this year after being poached from Santander. However, a spokesperson for ...




March 17, 2011

Lloyds Banking Group to axe a further 570 jobs

by Kay Mitchell
’Lloyds
Banking giant Lloyds has today announced it will axe a further 570 jobs and outsource more than 560 positions. The banking giant, which is 43% owned by the taxpayer, has now axed almost 27,000 jobs since its merger with HOBS, some of which were due to overlap following the merger. The latest round of job cuts are set to ...




February 28, 2011

Financial complaints rise in second half

by Kay Mitchell
”Financial
The Financial Ombudsman Service (FOS) has today said complaints rose in the second half 2010. According to the FOS, it received 97,237 new complaints between 1 July and 31 December – a rise of 15% compared with the first half of 2010. This list only covers those complaints which required mediation. Lloyds Banking Group, which is 43% owned by the taxpayer, was at the ...




February 25, 2011

Lloyds reports first annual profit since bailout

by Kay Mitchell
”Lloyds
Banking giant Lloyds has today reported it has returned to profit - its first since the bank had to be rescued by the Government at the height of the financial crisis in autumn 2008. Lloyds Banking Group, which is 41% owned by the taxpayer, posted pre-tax profits of £2.2 billion, compared with a £6.3 billion loss in 2009. The results beat expectations ...




February 24, 2011

Lloyds sees rise in complaints

by Kay Mitchell
”Lloyds
Lloyds Banking Group, which is 43% owned by the taxpayer, has revealed a rise in customer complaints in the second half of 2010. The banking giant, which runs the Halifax and Bank of Scotland, received 329,761 complaints in the six month period - a 14% rise compared with the same period a year earlier. According to the bank, the rise in complaints was attributed ...




February 16, 2011

Lloyds to close equity markets division

by Kay Mitchell
”Lloyds
Lloyds Banking Group has announced it will close down its Equity Markets division - as part of its strategy to dispose of non-core assets. The division has around a dozen employees and the announcement comes shortly after the bank said 200 jobs would go at its insurance arm. Since the onset of the financial crisis, the bank, which is 43% owned by ...