Tag: Lloyds

Barclays, RBS and LLoyds could face criminal investigations

Barclays, RBS and LLoyds could face criminal investigations

Barclays, which has been fined £290m for misconduct by regulators in the UK and the US, could face criminal investigations, along with Royal Bank of Scotland and Lloyds Banking Group. Barclays received the record fine for allegedly manipulating Libor, the London interbank lending rate, and Euribor, the European interbank lening rate. The bank is believed [...]

June 28, 2012 | 0 Comments More
Fitch downgrades Lloyds and RBS credit ratings

Fitch downgrades Lloyds and RBS credit ratings

Credit ratings agency Fitch has today downgraded two UK banks and placed one on a negative watch. Fitch downgraded Lloyds and Royal Bank of Scotland’s (RBS) long-term credit rating to an A rating from AA-. It also placed Barclays on a negative watch, meaning a downgrade is possible in the future. In a statement, Fitch [...]

October 13, 2011 More
Barclays, Lloyds and Santander top FSA complaints list

Barclays, Lloyds and Santander top FSA complaints list

Figures from the Financial Services Authority (FSA) have revealed that the three most complained about British banks are Barclays, Lloyds and Santander. According to the FSA, Barclays received more than a quarter of a million complaints in the first half of 2011. Lloyds received 181,907 complaints in the six month period, while Santander had 168,888 [...]

September 28, 2011 | 0 Comments More
Lloyds Banking Group announces more job losses

Lloyds Banking Group announces more job losses

Banking giant Lloyds has announced it will axe a further 360 jobs and transfer 140 members of staff to another company. The banking giant, which is 43% owned by the taxpayer, has now axed more than 27,000 jobs since its merger with HBOS at the height of the financial crisis, some of which were due [...]

May 26, 2011 | 0 Comments More
ICB calls for more competition among banks

ICB calls for more competition among banks

An interim report published by the Independent Commission on Banking (ICB) has said more competition is required in retail banking. The ICB, which was established in June 2010, has until September 2011 to make its recommendations about the banking industry to the Government and one of its suggestions is for banking giant Lloyds to sell-off [...]

April 11, 2011 | 0 Comments More
UK public sector net borrowing falls in December

UK public sector net borrowing falls in December

The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £15.3 billion in December - lower than forecasts of £18.1 billion and a fall from November‘s record high. However, it was slightly above December 2009′s total of £14.3 billion. The fall was attributed to the cost of Government support for Royal [...]

January 25, 2011 | 0 Comments More
Asset Protection Scheme did not boost lending, says NAO

Asset Protection Scheme did not boost lending, says NAO

The National Audit Office (NAO) has published a report on the Government’s Asset Protection Scheme (APS) and concluded that it failed in its aim of boosting bank lending. The scheme, which insurers against losses arising from toxic assets, also did not charge sufficient fees to the banks which participated. The scheme was established in 2009 [...]

December 21, 2010 | 0 Comments More
Bank chiefs oppose splitting up banks

Bank chiefs oppose splitting up banks

Outgoing Chief Executive of Lloyds Banking Group, Eric Daniels, has today said he is opposed to the proposal of splitting up Britain’s banks, arguing that it will not enhance competition within the sector. Meanwhile, chief executive of Royal Bank of Scotland (RBS), Stephen Hester, agreed and said breaking up banks won’t improve the outcome for [...]

December 7, 2010 | 0 Comments More
HSBC confirms boardroom changes

HSBC confirms boardroom changes

Banking giant HSBC has this weekend confirmed several boardroom changes after days of speculation. The bank, which is Europe’s largest, confirmed that its chief executive, Michael Geoghegan, will be replaced by investment banking chief Stuart Gulliver. Meanwhile, outgoing chairman Stephen Green (who is moving on to take up the post of trade minister with the [...]

September 26, 2010 | 0 Comments More
Barclays first half profit up 44%

Barclays first half profit up 44%

Today’s results from Barclays has reinforced that the banking sector is in recovery mode after the bank reported a 44% rise in profits. The bank, which is one of the few not to have received any financial help from the Government, said pre-tax profits came in at £3.95 billion for the six months to the [...]

August 5, 2010 | 0 Comments More
Lloyds shareholders could sue over HBOS takeover

Lloyds shareholders could sue over HBOS takeover

The Treasury and Lloyds senior executives could be sued over the controversial takeover of HBOS, which took place at the height of the financial crisis. An investor group called Lloyds Action Now, which was established a year ago, claimed investors were lured into voting for the takeover, while not being provided with all the relevant [...]

June 7, 2010 | 0 Comments More
HSBC posts fall in pre-tax profits

HSBC posts fall in pre-tax profits

Europe’s largest bank, HSBC, has today said pre-tax profits fell to $7.07 billion (£4.6 billion) last year compared with $9.3 billion in the previous year. The banking giant said loan impairments charges and other credit provisions were $26.5 billion in 2009 - a rise of 9% compared with the previous year. Stephen Green, chairman of [...]

March 1, 2010 | 0 Comments More
RBS posts £3.6bn annual loss

RBS posts £3.6bn annual loss

Royal Bank of Scotland (RBS), which is 84% state-owned, has today posted a full-year loss of £3.6 billion. RBS is the second major UK bank to report its 2009 results. Last week, Barclays announced record profits of more than £11 billion - a 92% rise on the previous year. However, RBS’ loss is not as [...]

February 25, 2010 | 0 Comments More
RBS CEO decides to waive £1.6m bonus

RBS CEO decides to waive £1.6m bonus

Royal Bank of Scotland (RBS) chief executive, Stephen Hester, has decided not to take his £1.6 million bonus, according to the BBC. The decision by the 49-year-old comes just a week after Barclays chief executive John Varley and president Bob Diamond both agreed to sacrifice bonuses for the second year in a row, in light [...]

February 21, 2010 | 0 Comments More
Report finds bank bailouts were ‘justified’

Report finds bank bailouts were ‘justified’

According to a review by the National Audit Office (NAO), the cost of propping up the UK’s failing banks was ‘justified’. The report by the NAO found that the cost of bailing out UK banks has hit £850 billion but the report concluded that the end result of protecting customers’ money and restoring financial stability [...]

December 4, 2009 | 0 Comments More
FTSE 100 falls below 5,000 mark

FTSE 100 falls below 5,000 mark

The UK’s FTSE 100 share index fell below the 5,000 mark today due to the overhaul of the UK’s banking sector. At 11:42 am, London’s FTSE 100 index was 111.56 points lower at 4,992.94, dipping below the 5,000 level for the first time since early October. Earlier today, the Treasury confirmed plans for Royal Bank [...]

November 3, 2009 | 0 Comments More
EU set to approve Northern Rock split

EU set to approve Northern Rock split

Crisis-torn Northern Rock is to be split into two, after receiving the necessary approval from the European Union (EU). Northern Rock collapsed at the onset of the credit crunch in autumn 2007 after savers staged a nationwide run on the bank. It was then nationalised in February 2008. The plan is for bank to be [...]

October 28, 2009 | 0 Comments More
Reader’s Digest annual survey reveals Britain’s trusted brands

Reader’s Digest annual survey reveals Britain’s trusted brands

The Reader’s Digest 9th annual survey has revealed Britain’s most trusted brands, which in today’s climate, has more relevance than previous years. Lloyds TSB (now Lloyds Banking Group following its takeover of HBOS) has retained the top spot for the most trusted bank/building society in the UK. Since the survey commenced, Lloyds has won the [...]

April 1, 2009 | 0 Comments More
Barclays and Lloyds shares plummet amid bailout talks

Barclays and Lloyds shares plummet amid bailout talks

This morning, Barclays saw its shares plummet almost 10% prior to talks with the Government with regard to a taxpayer bailout. According to a report in the Guardian, Barclays is set to hold talks with the Government with regard to taking part in its Asset Protection Scheme, which insures against losses arising from toxic assets. [...]

March 9, 2009 | 0 Comments More
Lloyds launches fixed-rate ISA

Lloyds launches fixed-rate ISA

Lloyds TSB has launched a new fixed-rate individual savings account (ISA), offering up to 3.20% tax free interest. The ISA is available from this week, and Lloyds guarantees the interest rate for 12 months from the date of account opening. Accounts can be opened with a minimum deposit of £3,000, and transfers from previous tax [...]

February 19, 2009 | 0 Comments More