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 [...]
Lloyds Banking Group (LBG) has today announced it will reduce headcount by 4,500 in its IT division – a move which has angered unions. The banking giant, which is 43% owned by the taxpayer, has now axed 20,000 jobs since the start of 2009, some of which were due to overlap following the bank’s takeover [...]
Banking giant Lloyds has received the highest number of complaints in the first half of 2010 with 288,717 gripes. Figures from City regulator, the Financial Services Authority (FSA), said Barclays and Santander were second and third in the complaints league, with 250,667 and 244,978 complaints respectively. The Royal Bank of Scotland (RBS), which like Lloyds [...]
The chief executive of Lloyds Banking Group, Eric Daniels, has announced he will retire next year. The announcement follows other leadership changes in major banks earlier this month. Barclays’ chief executive, John Varley, will be departing next year and will be replaced by Bob Diamond, currently president of Barclays Plc. In addition HSBC chairman, Stephen [...]
The Financial Ombudsman Service (FOS) has today said complaints rose in the first half of 2010. According to the FOS, it received 84,212 new complaints between 1 January and 30 June 2010 – with more than half of these about the top five banks. Lloyds Banking Group, which is 43% owned by the taxpayer, was [...]
Banking giant Lloyds has confirmed it has disposed of its stake in housebuilder Crest Nicholson to US investment fund Varde. The sale comes shortly after Lloyds offloaded its private equity business to Coller Capital for £332 million, and its Ecuadorian branch assets for $25 million. The price tag of the Crest Nicholson disposal was not [...]
According to the Daily Mail, the controversial takeover of HBOS by Lloyds could be scrapped if a Government investigation establishes it has damaged competition. The hasty takeover, which took place at the height of the financial crisis, created a banking giant but has been heavily criticised and has resulted in thousands of job losses because [...]
Lloyds Banking Group, which is 41% owned by the Government, has today reported it returned to profit in the first six months of 2010, revealing profits of £1.6 billion, against a loss of £4 billion a year earlier. The rise in profits was primarily due to reduced writedowns with bad loans falling from £13.4 billion [...]
Banking giant Lloyds has confirmed it will no longer sell the controversial payment protection insurance (PPI). Lloyds Banking Group, which is 41% owned by the taxpayer, is the first bank to drop PPI sales and the decision will apply to customers of all its brands including the Halifax, Bank of Scotland and the Cheltenham & [...]
Lloyds Banking Group, which is 41% owned by the taxpayer, has announced it has agreed to sell its private equity unit to buyout firm Coller Capital in a deal worth £332 million. The deal will see 40 private equity investments transferred to a newly-established partnership – 70% and 30% owned by Coller and Lloyds respectively. [...]
Lloyds Banking Group, which is 41%-owned by the Government, is to wield the axe again on insurance and back office-based staff, as it announces the closure of its network of Halifax-branded agencies. The majority of the 650 job losses will be at Chester and Nottingham – largely based in solicitors and estate agencies, as they [...]
Lloyds Banking Group has reviewed its interest-only mortgage offering and withdrawn the non-repayment option on loans of over £500,000. The lender, which operates the Halifax and Cheltenham & Gloucester brands, has also upped rates on interest-only loans, which are now loaded with a 0.2% premium. The end of the house price boom has left banks [...]
Lloyds Banking Group, which is 41% owned by the taxpayer, today said it has returned to profit during the first quarter of 2010, as a result of a reduction in bad debt. The banking giant also said it expects to continue to be profitable for the remainder of the year. The announcement comes just a [...]
Lloyds Banking Group has announced plans to award its chief executive, Eric Daniels, £2.85 million in shares. However, the share incentive only comes to fruition if stock in the state-owned bank goes above the 114p mark in the next three years. The award is in addition to his £1 million salary and the maximum £2.3 [...]
In yesterday’s Budget, Chancellor Alistair Darling unveiled plans for rescued banks, Royal Bank of Scotland (RBS) and Lloyds Banking Group, to lend more to businesses. In a legally binding agreement, RBS and Lloyds, which are 84% and 41% owned by the taxpayer respectively, were rescued at the height of the financial crisis but there have [...]
Bailed out banks Royal Bank of Scotland (RBS) and Lloyds Banking Group are to increase the amount they lend to businesses. RBS and Lloyds, which are 84% and 41% owned by the taxpayer, respectively, were rescued at the height of the financial crisis but there have been concerns that the bailed out banks have not [...]
Banking giant, Lloyds Banking Group, has said it will return to profitability in 2010. Last month the bank, which is 41% owned by the taxpayer, posted a full-year loss of £6.3 billion. It was hit by bad debts following the acquisition of HBOS, which it took over at the height of the financial crisis in [...]
Lloyds Banking Group is inviting its standard variable rate (SRV) mortgage customers to increase their monthly repayments. Under a new scheme that will run for a year, borrowers can overpay by up to 20% without incurring a financial penalty. Research by the bank, which is the UK’s biggest mortgage lender, suggests over 63% of mortgage [...]
Lloyds Banking Group, which is 41% owned by the taxpayer, has today posted a full-year loss of £6.3 billion. Lloyds is the third major UK bank to report its 2009 results. Yesterday, Royal Bank of Scotland (RBS) posted a £3.6 billion loss, while last week, Barclays announced record profits of more than £11 billion – [...]
It has emerged today that Eric Daniels, chief executive of Lloyds Banking Group, will waive his £2.3 million annual bonus. The move comes after Royal Bank of Scotland chief executive, Stephen Hester, opted not to take his £1.6 million bonus. The decision by 49-year-old Hester came just one week after Barclays chief executive John Varley [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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