Shareholders to take on Lloyds over HBOS deal October 27, 2014 FORMER Lloyds TSB shareholders are gearing up for legal action over the ill-starred acquisition of Halifax Bank of Scotland (HBOS), in one of the largest funded actions ever started in the UK. Lawyers acting for thousands of retail and City institutional investors are looking for millions of pounds from the bank over claims it misled [...]
Lloyds to chop 9,000 staff to save more costs October 22, 2014 LLOYDS Bank is planning to cut another 9,000 jobs, on top of the 15,000 the lender has chopped since 2011, it emerged last night. The new round of cost cutting will hit another 10 per cent of the workforce, according to Sky News. Analysts believe the bank has far too many branches to be efficient. [...]
Lloyds job cuts: 9,000 to go in next three years as bank moves towards digital October 22, 2014 Lloyds Banking Group is set to cut 9,000 jobs over the next three years, amounting to a loss of over ten per cent of its workforce. An announcement next week will provide more detail on the cuts, which reflect the British bank's move away from consumer-facing services and towards digital banking. This will [...]
Lloyds’ Antonio Horta-Osorio has a dig at economists at Institute of Chartered Accountants event October 21, 2014 Antonio Horta-Osorio knows how to play an audience. At last night’s Institute of Chartered Accountants event at KPMG, the Lloyds boss charmed the accountants in the room… by throwing economists to the lions. “Sadly I’m not an accountant myself,” he started “But I’ve never let that hold me back! “To be fair though, it’s probably [...]
Bank of England’s stress test may threaten Lloyds dividend plans October 1, 2014 Lloyds could fail the Bank of England’s stress tests this Autumn and be banned from paying out a dividend this year, analysts at Macquarie warned yesterday. The bank has hiked its capital ratios over the past year and so is not expected to be forced to issue any more bonds or shares to bolster its buffers. [...]
Lloyds kicks out eight staff for fiddling Libor September 29, 2014 LLOYDS fired eight staff yesterday for trying to fiddle key Libor and repo interest rates between 2006 and 2009, after the bank was fined £226m in June over the wrongdoing. It came as UBS admitted it is in settlement talks with regulators around the world over the forex benchmark manipulation scandal, the first such bank [...]
Rate-rigging scandal: Lloyds share price slides as it sacks eight people and holds back £3m of bonuses September 29, 2014 Having paid out £226m to US and UK authorities for various cases of rate-rigging back in July, Lloyds Banking Group has now turned its attentions to its own staff, firing eight and holding back £3m of bonuses. Shares in the bank fell 0.5 per cent in early afternoon trading after it said it "has taken [...]
Lloyds settlement latest example of the shadow regulatory state September 28, 2014 The announced settlement between the American and British authorities and Lloyds Banking Group, in which the bank will pay almost $370m to US and UK authorities, is the latest major fallout from claims that multiple international banks profited by manipulating the London Interbank Offer Rate (Libor), a key financial benchmark embedded in contracts around the [...]
RBS, Lloyds and Standard Life share prices rise as investors get giddy over Scottish No vote September 19, 2014 What a difference a week makes. Just a few days ago, the likes of RBS, Lloyds and Standard Life were all threatening to move south of the border in the event of a no vote, on the grounds that an independent Scotland would be too shaky to operate properly in. But today, investors showed their [...]
Independence referendum: Lloyds, Standard Life and Clydesdale Bank say they’ll quit Scotland if it votes yes September 10, 2014 Lloyds, Standard Life and the Clydesdale Bank are planning to quit Scotland and move their headquarters to London if voters back independence in next week’s referendum, the firms said yesterday. RBS is also planning to move to the City, Treasury sources said. The contingency plans are aimed at reassuring investors they will be able to continue normal [...]