Lloyds invests in new digital banking platform November 7, 2018 Lloyds Banking Group said today it had invested in a fintech company whose tech it plans to roll out next year, in the bank’s latest bid to enhance its digital presence. Lloyds has invested £11m for a 10 per cent stake in Thought Machine, which is building a new cloud-based platform aimed at replacing current [...]
Lloyds Banking Group set to create 8,000 new UK jobs November 5, 2018 Lloyds Banking Group is reportedly set to announce plans tomorrow to create 8,000 jobs in the UK as part of a £3bn technology and transformation investment programme. The bank will also announce that it is cutting 6,000 roles, leading to a net jobs creation figure of 2,000. Sky News reports the reorganisation is part of [...]
Lloyds Banking Group could face £150m pensions hit after court ruling October 26, 2018 Lloyds Banking Group could have to pay out up to £150m after the High Court ruled today that it should equalise payments for male and female members of its pension scheme. Three female members of the pension scheme had complained they were being discriminated against as their pensions increased at a lower rate than that [...]
Lloyds Banking Group beats profit expectations in third quarter October 25, 2018 Lloyds Banking Group announced pre-tax profit of £1.8bn in the third quarter today, beating analyst expectations of £1.7bn. In the three months to 30 September revenue rose to £4.686bn from £4.62bn during the same quarter last year, while profit before tax dipped seven per cent to £1.8bn. Read more: Lloyds and Schroders sign £80bn joint [...]
TSB’s prolonged IT crisis cost it 16,600 customers October 24, 2018 TSB lost more than 16,600 customers to rivals between April and June, after an IT fiasco prevented up to 1.9m people from accessing their bank accounts. The crisis led to TSB announcing a pre-tax loss of £107.4m during its half-year results in July, down from £108.3m profit in the same period last year. Read more: Investigation [...]
Lloyds and Schroders sign £80bn joint venture deal October 23, 2018 Lloyds Banking Group and Schroders struck one of the City’s largest ever wealth management alliances this afternoon, joining forces in a multi-billion pound deal aimed at financial planning for wealthy customers. As part of the joint venture, Schroders will take on an £80bn investment contract from Scottish Widows, which is owned by Lloyds. Schroders, which [...]
Brexit: 23 answers to investors’ questions October 16, 2018 | City Talk The UK’s scheduled departure from the EU is fast approaching. Many observers are hopeful for an orderly withdrawal. But plenty of potential pitfalls between now and Brexit-day which could result in a chaotic divorce. The only near-certainty at present is that the UK will cease to be a full member of the EU on 29 [...]
Blackrock wins £30bn investment contract from Scottish Widows as owner Lloyds walks away from Standard Life Aberdeen October 12, 2018 Blackrock today won a £30bn investment contract in Lloyds Banking Group-owned Scottish Widows. The asset manager will invest the pension company’s funds in index strategies while also seeking to establish a strategic partnership to collaborate in risk management, alternative asset classes and innovative investment technology, Lloyds said. The money forms part of a £110bn pot [...]
Lloyds to put £13bn wealth unit into joint venture with Schroders October 7, 2018 Lloyds, Britain’s biggest high street lender, plans to merge its £13bn wealth-management wing into a a new joint venture with investment giant Schroders, according to a report. Details of the arrangement – which would transform the UK’s wealth-management sector by bringing Schroders’ services closer to a more wider group than its current, affluent cliente – [...]
Lloyds Banking Group reportedly plans to set up insurance subsidiary in Luxembourg September 20, 2018 Lloyds Banking Group will reportedly set up a subsidiary in Luxembourg to allow it to serve life insurance customers in the EU after Brexit. The firm has had initial discussions with regulators in Luxembourg on securing a licence for a subsidiary, Reuters reported. The Scottish Widows brand, which Lloyds TSB bought exactly 17 years before [...]