Tag: Lloyds Banking Group

Regulator receives most complaints about Barclays

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 [...]

February 29, 2012 | 0 Comments More
RBS chief defends bonuses despite £2bn loss

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 [...]

February 23, 2012 | 0 Comments More
Lloyds withdraws charity credit cards

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 [...]

Co-op Bank to buy Lloyds branches

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 [...]

Co-op cuts mortgage fees

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 [...]

Lloyds woes deepen on £3.8bn loss

Lloyds woes deepen on £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 [...]

Lloyds Banking Group profits lower on PPI costs

Lloyds Banking Group profits lower on PPI costs

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 [...]

15,000 more jobs to go at Lloyds Banking Group

15,000 more jobs to go at Lloyds Banking Group

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 [...]

Lloyds Banking Group set to axe thousands more jobs

Lloyds Banking Group set to axe thousands more jobs

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 [...]

Lloyds Banking Group to axe a further 570 jobs

Lloyds Banking Group to axe a further 570 jobs

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 [...]

Financial complaints rise in second half

Financial complaints rise in second half

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 [...]

Lloyds reports first annual profit since bailout

Lloyds reports first annual profit since bailout

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 [...]

Lloyds sees rise in complaints

Lloyds sees rise in complaints

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 [...]

Lloyds to close equity markets division

Lloyds to close equity markets division

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, [...]

Lloyds’ chief expected to take £2m bonus

Lloyds’ chief expected to take £2m bonus

HSBC announces changes at the top

HSBC announces changes at the top

Banking giant HSBC has announced some changes to its management team. The announcement is part of a boardroom reshuffle under incoming group chief executive, Stuart Gulliver, who is set to replace Michael Geoghegan next year. Paul Thurston will assume the role of Chief Executive, Retail Banking and Wealth Management with effect from March 2011. His [...]

Lloyds wields the axe at its Black Horse division

Lloyds wields the axe at its Black Horse division

Banking giant Lloyds has today revealed it is shedding 420 positions at its Black Horse personal finance unit. This brings the total number of job losses to 22,000 since its merger with HBOS in autumn 2008, which resulted in 41% ownership by the taxpayer. Commenting on today’s announcement, the Unite union, said it was “appalled” [...]

Santander’s Horta-Osório appointed as Lloyds new CEO

Santander’s Horta-Osório appointed as Lloyds new CEO

It has been revealed this morning that António Horta-Osório, chief executive of Santander’s UK businesses, will replace Eric Daniels, who is stepping down from Lloyds Banking Group. Fifty-nine-year-old Daniels announced in September that he would be retiring next year. Daniels, who is the longest serving CEO at a major British bank, faced heavy criticism following [...]

Lloyds provides upbeat statement

Lloyds provides upbeat statement

Lloyds Banking Group, which is 41% owned by the taxpayer, has today provided an upbeat statement as it continues its recovery from the global financial crisis. The bank, which had to be bailed out in autumn 2008, said it remains on track to deliver a “good financial performance” for 2010 as it continues with its [...]

Six British banks propose to kick-start lending

Six British banks propose to kick-start lending

The bosses of Britain’s top six banks have revealed a £1.5 billion fund, designed to kick-start lending to small businesses. It was announced in August that the chief executives of Barclays, Royal Bank of Scotland, Lloyds Banking Group, Standard Chartered and the heads of the UK operations of HSBC and Santander, would address the shortage [...]