Lloyds suspends 780 planned job cuts amid coronavirus uncertainty March 24, 2020 Banking giant Lloyds is suspending 780 job cuts across its branches amid surging demand for loans and uncertainty over how many of its staff may need to self-isolate. The cuts were originally announced in February as part of a cost-cutting drive by Lloyds, which is working to shrink its branch network in response to declining [...]
Britain’s biggest banks warn coronavirus pandemic will hit income March 17, 2020 Some of the largest banks in Britain have warned the coronavirus pandemic will hit their already under-pressure earnings, with a decline in economic activity eating into fee income. Lloyds will delay part of a £3bn technology investment programme in response to the coronavirus pandemic to maintain its capital levels, its chief executive said today, as [...]
PPI, profit drop, and a mixed 2020: Five takeaways from Lloyds’ results February 20, 2020 Lloyds reported a 26 per cent drop in annual profit on Thursday, with Britain’s largest domestic lender hit by a rise in bad debts and billions of pounds of customer compensation payout. Chief executive Antonio Horta-Osorio said the results demonstrated a “solid financial performance in a challenging external market”, but analysts have described them as [...]
Lloyds’ 2019 profit sinks after £2.45bn PPI charge February 20, 2020 Lloyds Banking Group revealed its 2019 profit sank 26 per cent today as it said it must pay out £2.45bn to settle payment protection insurance (PPI) claims. The figures Lloyds recorded profit before tax of £4.39bn, down 26 per cent on 2018, after the £2.45bn PPI charge. Underlying profit slipped seven per cent to £7.5bn [...]
Mitie to continue managing Lloyds Bank facilities until 2024 September 12, 2019 Outsourcer Mitie has been tasked with managing Lloyds Banking Group branches across the country for the next five years, in a contract estimated to be worth about £850m. The so-called integrated facilities management contract means Mitie workers will provide engineering, security, cleaning, catering and data centre services across Lloyds’ network of bank branches, and in [...]
Lloyds suspends share buyback as PPI costs rise to £1.8bn September 9, 2019 Lloyds Banking Group has warned its costs relating to mis-sold payment protection insurance (PPI) could hit an additional £1.8bn after a rush of claims before the 29 August deadline. The bank had previously forecast costs of just under £1.1bn, based on a claims rate of 190,000 per week. Read more: Tesco sells mortgage arm to [...]
No-deal Brexit could hit UK banks’ earnings by 25 per cent, says Citigroup August 30, 2019 US bank Citigroup has estimated that the UK leaving the European Union without a deal could cut UK banks’ earnings by as much as 25 per cent. A no-deal Brexit is likely to reduce revenue of high street lenders as economic growth slows and interest rates remain low, a note to clients from Citi analysts [...]
ii view: Lloyds Bank friendless on results day August 1, 2019 | City Talk by Keith Bowman from interactive investor. Lloyds continues to bear down on costs to offset tough market conditions, but shares have slumped. Half-year results to 30 June 2019 Net income down 2% to £8.82 billion Pre-tax profit down 7% to £2.89 billion Earnings per share down 7% to 2.7p Interim dividend up 5% to 1.12p per share Chief [...]
Who joins Lloyds Bank on this list of cheap UK shares to buy? July 22, 2019 | City Talk By Graeme Evans from interactive investor. Performance of UK-exposed stocks is at an eight-year low and this is the cheapest region around. Cheap-looking UK-focused stocks were in the spotlight as asset managers increasingly turn their attention to Europe in the face of darkening skies for global equities. The attraction of European equities was highlighted by UBS in an [...]
UK banks: What to make of Lloyds, RBS and Barclays? May 29, 2019 | City Talk By Graeme Evans from interactive investor. Having underperformed since April's stock market peak, here's what to expect from the domestic lenders. With UK banks making heavy weather of Q1 results and the Brexit shackles still in place, there's a clear lack of momentum behind shares of Lloyds Banking Group (LSE:LLOY), Barclays (LSE:BARC) and The Royal [...]