Lloyds backs HSBC against red tape choking bankers August 6, 2014 LLOYDS’ chief executive joined the flood of bankers speaking out against the damaging effects of over-regulation, yesterday warning that red tape risked squeezing the life of much of the industry. Antonio Horta Osorio warned that reversing the burden of proof when a problem arose – treating bankers as guilty until they can prove themselves innocent [...]
Lloyds accused of withholding information during HBOS takeover August 6, 2014 Investors have filed a lawsuit against Lloyds Banking Group, which they say withheld important information during its takeover of HSBC in 2008. The claimants, who own a 25 per cent stake in the bank, allege that the true financial health of HBOS was hidden from them during the government-backed takeover at the height of [...]
Lloyds’ share price tumbles as PPI compensation bill smashes through £10bn mark July 31, 2014 Lloyds’ profits were squeezed by new PPI provisions in the first half of the year, the bank reported yesterday. Its underlying profits climbed 32 per cent on the year to £3.8bn as bad loans dropped, and bad loan costs dived 58 per cent to £758m. But another £600m payment protection insurance mis-selling compensation bill – [...]
London Report: Lloyds and Centrica pull down FTSE but Shell prevents rout July 31, 2014 BRITAIN’S top equity index yesterday fell as Lloyds Bank pulled down financial stocks, while concerns about the impact on Europe from tensions between Russia and Ukraine also made traders wary. The blue-chip FTSE 100 index closed down by 0.6 per cent, or 43.33 points, at 6,730.11 points. Shares in Lloyds, which had risen for the [...]
Lloyds share price drops after bank pays £600m over PPI July 31, 2014 Lloyds Banking Group saw its shares drop on Thursday after revealing it had set aside £600m for payments over the PPI mis-selling scandal. Shares in Lloyds were down 2.9 per cent at pixel time. The £600m formed part of legacy conduct payments of £1.3bn that severely affected the bank's pre-tax profits in the first half [...]
Lloyds ripped off Bank of England by fiddling Libor rates July 28, 2014 Lloyds was hit by £226m in fines and settlements yesterday as the bank admitted its staff fiddled Libor and the influential repurchase agreements rate benchmark in the years before the financial crisis. Of that, £7.75m is going to the Bank of England as compensation for fees it dodged in the crash by manipulating the repo [...]
Lloyds fined £226m by UK and US regulators for Libor manipulation July 28, 2014 Lloyds has become the latest bank to be fined for manipulating the London Interbank Offered Rate (Libor). The benchmark interest rate determines the cost of a range of credit products which have a combined value of at least $350tn, but a number of banks have been charged with unlawfully tampering with it in order [...]
UK banks RBS and Lloyds could be broken up in competition probe July 17, 2014 A major new competition probe could result in the further break-up of leading high street banks, analysts warned yesterday, with RBS and Lloyds most vulnerable to the demands of regulators. The Competition and Markets Authority (CMA) today unveils the results of its study of the small business banking market and the current accounts sector. [...]
MPs slam Wonga-style debt collection letters used by Lloyds July 16, 2014 Lloyds sent borrowers letters from its own law firm under a different name for decades, the bank admitted yesterday. MPs attacked the practice as “calculated to mislead” customers, less than a month after it emerged that payday lender Wonga had made up names of law firms to chase up debt repayments. The bank set up [...]
Lloyds Bank closes in on a Libor settlement with UK authorities July 16, 2014 Lloyds is braced to become the next bank to settle with regulators in the Libor abuse scandal, it emerged yesterday. The high street bank has been cooperating with investigations into alleged attempts by traders to fiddle the interest rate benchmark. Barclays was the first to be fined, paying £290m two years ago. RBS followed with [...]