Exclusive: Lloyds staff facing redundancy fear being left jobless by bank amid pandemic April 17, 2020 Staff at Lloyds Banking Group who are being made redundant fear the bank will leave them jobless amid the savage economic downturn triggered by the coronavirus pandemic. The bank publicly committed last month to pause plans to cut 780 jobs amid surging customer demand and the economic uncertainty leavers would face. However, it has not [...]
British bank bosses give up bonuses amid coronavirus crisis April 8, 2020 Top bosses at British banks including Natwest and Lloyds have taken salary cuts and ditched bonuses worth millions of pounds as consumers and businesses suffer the impact of the coronavirus outbreak. Natwest chief executive Alison Rose will donate a quarter of her remaining salary for 2020 — set at £2.2m per year — to a [...]
The impact of coronavirus on dividends April 2, 2020 | City Talk As UK banks temporarily suspend all dividend payments, we discuss the effect coronavirus could have on a vital source of income for investors. What’s happening to dividends? The coronavirus crisis and oil price war are having a profound impact on economic growth and the cash position of companies. Many businesses in the most affected sectors [...]
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 [...]