|Bid||1.5200 x 21500|
|Ask||1.5300 x 2900|
|Day's range||1.5000 - 1.5300|
|52-week range||1.2700 - 3.5800|
|Beta (5Y monthly)||1.10|
|PE ratio (TTM)||5.03|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||16 Apr 2020|
|1y target est||1.28|
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 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 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 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.
An accounting rule introduced after the global financial crisis faces its first big test as banks seek relief in the face of government calls to keep coronavirus-hit borrowers afloat. Known as IFRS9, it is mandatory in over 100 countries, including the European Union and Britain, but not in the United States, where there is a tougher version with full upfront provisioning for expected losses. "Obviously IFRS 9 is an issue for us and all banks in terms of how we recognise any provision," Alison Rose, chief executive of the Royal Bank of Scotland, said on Tuesday.
LONDON/PARIS (Reuters) - Some of Europe's biggest banks have warned the coronavirus will hit their already under-pressure earnings, as a lockdown in Britain and across parts of continental Europe will slow economic activity, eat into fee income and put corporate borrowers at risk. Societe Generale Chief Executive Frederic Oudea said on Tuesday it was too early to say what would be the impact of the virus on the bank's earnings, but that mortgage lending will suffer. Britain's Lloyds Banking Group will delay part of a 3 billion pound technology investment programme in response to the epidemic, Chief Executive Antonio Horta-Osorio told the same conference.