|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's range||0.3856 - 0.3856|
|52-week range||0.3100 - 0.9100|
|Beta (5Y monthly)||1.09|
|PE ratio (TTM)||5.14|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||16 Apr 2020|
|1y target est||N/A|
Also, a whole £10m is going into supply chain ESG improvements, an ethical specialist consultant is being drafted in to do some Powerpoints about the internal audit structures and there’s a promise to appoint two more Noddies. Well there we go.
of Lloyds Banking Group, arrived in 2011 with one job to do. The bank was recovering from the traumatic events of the financial crisis, when it had been tempted into the disastrous acquisition of its UK rival, Halifax Bank of Scotland. Its losses eventually forced the British government to bail out Lloyds and take an equity stake in what was then — and still is — Britain’s biggest retail and small business lender.
António Horta-Osório, chief executive of Lloyds Banking Group, has been batting away questions about his future longer than many executives stay in their jobs. Despite the bank’s financial turnaround, however, Lloyds’ share price almost halved during his tenure, weighed down by low interest rates and more than £20bn of penalties and customer compensation for mis-selling payment protection insurance.
Horta-Osório's successor will need to push Lloyds further into wealth management and online services while finding a way to increase profits in an era of almost zero interest rates, analysts said. A Lloyds spokesman said a search for a successor that would include both internal and external candidates would begin imminently, adding that Horta-Osório, 56, had given the company no indication of what he planned to do next. Goodbody analyst John Cronin said Horta-Osório could take the top job at Spain's Santander <SAN.MC> or Unicredit <CRDI.MI>, especially if the Italian bank's boss Jean-Pierre Mustier were to switch to Lloyds.
António Horta-Osório, the long-serving chief executive of Lloyds Banking Group, will step down next year after the arrival of a new chairman. Lloyds announced on Monday that Mr Horta-Osório planned to leave at the end of June after more than a decade in charge, during which time it went from a state-owned business on the brink of collapse to a fully-privatised lender that was the steadiest performer of the UK’s major banks.
Lloyds Bank appears to churn along in a similar fashion. A new chairman, Robin Budenberg, replaces Lord Blackwell early next year. With a decade in the job next March, Mr Horta-Osório has steered Lloyds’ transformation from failure to steady-as-she-goes UK lender.
Hilltop Holdings (HTH) completes the sale of its property underwriting unit to Align Financial for $154.1 million in cash.
Bancassurance is an ugly, misleading portmanteau of a word, marrying banking with insurance. Lloyds Banking Group is about the only bancassurance business left in the UK. It was harder than expected to cross-sell money and insurance products to British customers without regulators worrying about mis-selling.
Lloyds Bank is planning to extend its push into wealth management and insurance in its next strategy update, in an effort to diversify its sources of income as it braces for a long period of record-low interest rates. The coronavirus crisis has increased the need to boost the “less interest-rate dependent” parts of its business after recent rate cuts slashed hundreds of millions of pounds from revenues across the sector, said people briefed on the UK lender’s strategic thinking. Chief executive António Horta-Osório said before the pandemic hit the UK that Lloyds would begin work on a new strategy over the summer.
Britain's biggest domestic bank Lloyds has been fined 64 million pounds ($81.2 million) by the Financial Conduct Authority for mistreating hundreds of thousands of mortgage customers in financial difficulties. Lloyds and its Bank of Scotland and The Mortgage Business units were also in the process of paying around 300 million pounds in redress to 526,000 customers, the FCA said in a statement on Thursday. The fine is the largest imposed by the watchdog for mortgage-related failures, and would have been 91.5 million pounds had Lloyds not agreed to accept the watchdog's findings early on.
Britain's biggest domestic bank Lloyds <LLOY.L> has been fined 64 million pounds by the Financial Conduct Authority for mistreating hundreds of thousands of mortgage customers in financial difficulties. Lloyds and its Bank of Scotland and The Mortgage Business units were also in the process of paying around 300 million pounds in redress to 526,000 customers, the FCA said in a statement on Thursday. The fine is the largest imposed by the watchdog for mortgage-related failures, and would have been 91.5 million pounds had Lloyds not agreed to accept the watchdog's findings early on.
The significant opposition came after influential shareholder advisory group ISS recommended investors block Lloyds' executive pay policy over concerns about a switch to more certain long-term bonuses. Like some other blue chip companies including BT, Lloyds is switching to a restricted share incentive scheme for top bosses.
Banks should have more than enough freed-up capital to back the volume of loans anticipated to help companies bridge the coronavirus pandemic, Bank of England Deputy Governor Sam Woods said on Monday. The BoE has allowed banks to tap a reserve of capital known as the counter cyclical capital buffer to support loans up to 190 billion pounds. Royal Bank of Scotland Chairman Howard Davies told the webinar that banks needed more reassurance from regulators on the amount of time they would get to rebuild capital buffers once the pandemic has passed.
Lloyds Banking Group's <LLOY.L> first quarter pretax profit was all but erased by provisions against expected bad loans due to the coronavirus pandemic, although Britain's biggest bank said on Thursday it was well placed to help with a recovery. Viewed as a bellwether for the wider British economy as the country's largest provider of home loans and one of its biggest business lenders, Lloyds reported pre-tax profit of 74 million pounds, down from 1.6 billion pounds the previous year. HSBC and Barclays have also set aside billions of pounds to cover an expected spike in bad loans due to the coronavirus outbreak, with state-backed RBS expected to follow suit on Friday.
One of Britain's largest consumer interest groups has called on banks to adopt a consistent approach to managing claims from customers who have failed to secure refunds from travel firms and other businesses after coronavirus cancellations. The chargeback process - offered by most card providers - reverses a transaction if a customer is unable to resolve a dispute with a business for a variety of reasons. Customers making refund claims under Section 75 of the Consumer Credit Act 1974, a legal protection for credit card users on purchases of between 100 pounds ($125) and 30,000 pounds, were also being told that applications would be handled case by case, Which?
The number of UK finance professionals seeking new jobs rose by more than 40% in the first quarter compared with the last three months of 2019, even as coronavirus forced employers to pause hiring and cut salary offers by 37%, data released on Monday showed. According to the latest Morgan McKinley London Employment Monitor, the UK financial services industry suffered a rapid slowdown in hiring in March, arresting a sharp post-Election rebound in January, when the number of available roles increased 97% compared with December 2019 levels. "Out of the frying pan and into the fire: we barely got to take a breath between Brexit and this new global crisis," said Hakan Enver, managing director of Morgan McKinley UK.
The following are the top stories on the business pages of British newspapers. - Britain's biggest retailer Tesco has defended its decision to hand investors a total £900 million ($1.11 billion)in dividends despite taking £585 million ($724.64 million) from the government's business rates relief holiday. - Sir Stelios Haji-Ioannou, founder and the largest shareholder in Easyjet, has stepped his attack on the board of the airline by saying that he will "personally sue those scoundrels" if they go ahead with a multibillion-pound order to acquire more than a 100 new aircraft from Airbus.
A retired High Court judge has been appointed to re-review compensation paid by Lloyds Banking Group <LLOY.L> to victims of one of Britain's biggest banking scandals after an earlier review found victims were likely paid too little. Lloyds has paid out more than 100 million pounds to 191 small business owners defrauded by its Halifax Bank of Scotland (HBOS) branch in Reading, England. Former judge David Foskett has been appointed to chair a panel to re-assess the claims, including direct and consequential losses resulting from the fraud, said Ross Cranston.
Delaying remaining elements of new global bank capital rules for a year will give lenders in Britain time to focus on dealing with fallout from the coronavirus epidemic, the Bank of England and Britain's finance ministry said on Thursday. "This will provide operational capacity for banks and supervisors to respond to the immediate financial stability priorities from the impact of Covid-19," the BoE's Prudential Regulation Authority (PRA) and finance ministry said in a joint statement. The PRA and finance ministry said they were committed to the full, timely and consistent implementation of the new rules and "we will work together towards a UK implementation timetable that is consistent with the one year delay".
Britain's investment managers would expect banks and other companies to rethink bonuses if they are scrapping payouts to shareholders, the Investment Association said on Wednesday. Top UK banks have scrapped dividends for 2019 and interim dividends for 2020 after being asked to do so by the Bank of England, with other firms also stopping payouts as the economy remains in lockdown. The current situation should, however, not be used to "rebase or reduce" dividends unneccesarily, IA Chief Executive Chris Cummings said in a statement.
Lloyds Banking Group <LLOY.L> has halted plans to cut around 780 jobs and suspended all union negotiations for fresh layoffs in view of the unfolding coronavirus pandemic, employee union Accord said on Tuesday. "This is a good move by Lloyds to suspend the programme of redundancies," Ged Nichols, general secretary of Accord told Reuters. Nichols also said the bank, Britain's largest domestic lender, had suspended all talks with employee unions about future restructuring and organisational changes it had intended to make in the medium term.