Lloyds Banking Group http://www.globalpost.com/taxonomy/term/26528/all en UPDATE 2-UK judge slams banks defrauded by fake tycoon http://www.globalpost.com/dispatch/news/thomson-reuters/130117/update-1-uk-judge-slams-banks-defrauded-fake-tycoon <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Estelle Shirbon</p> <p>LONDON, Jan 17 (Reuters) - A British judge sentenced a fake property tycoon to seven years in jail on Thursday for defrauding two banks out of over 700 million pounds ($1.1 billion), but said the banks deserved some blame for poor risk controls.</p> <p>"The two banks, Allied Irish Banks and Bank of Scotland, have undoubtedly acted carelessly and imprudently by failing to make full enquiries before advancing the money," said judge Andrew Goymer as he sentenced Achilleas Kallakis, 44.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130117/update-1-uk-judge-slams-banks-defrauded-fake-tycoon" target="_blank">read more</a></p> Business Ethics Lexi Holdings Lloyds Banking Group United Kingdom Thomson Reuters Thu, 17 Jan 2013 16:46:12 +0000 Thomson Reuters 5735689 at http://www.globalpost.com UPDATE 1-Britain's Lloyds Banking Group cuts 940 jobs http://www.globalpost.com/dispatch/news/thomson-reuters/130123/update-1-britains-lloyds-banking-group-cuts-940-jobs <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Union says job cuts a "complete disgrace"</p> <p>* Lloyds says will attempt to redeploy staff</p> <p>LONDON, Jan 23 (Reuters) - Lloyds Banking Group said on Wednesday it was axing 940 jobs, bringing the total amount cut since its ill-fated takeover of HBOS in 2009 to more than 31,000.</p> <p>Lloyds said the jobs would be lost in its operations, insurance, retail, wealth, international and commercial divisions and were part of the reductions previously announced in its strategic review.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130123/update-1-britains-lloyds-banking-group-cuts-940-jobs" target="_blank">read more</a></p> Banking in the United Kingdom Economy of the United Kingdom Entertainment Lloyds Banking Group Lloyds Banking Group Thomson Reuters Wed, 23 Jan 2013 13:30:28 +0000 Thomson Reuters 5738282 at http://www.globalpost.com Lloyds CEO says shared bank IT would stifle competition http://www.globalpost.com/dispatch/news/thomson-reuters/130131/lloyds-ceo-says-shared-bank-it-would-stifle-competition <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>LONDON, Jan 31 (Reuters) - The boss of Britain's biggest retail bank told lawmakers a proposal to stimulate competition by creating an industry-shared IT platform would be too difficult to implement and not achieve its objective.</p> <p>The Parliamentary Commission on Banking Standards is considering recommending the industry adopts a uniform IT system that would place all banks on the same network.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130131/lloyds-ceo-says-shared-bank-it-would-stifle-competition" target="_blank">read more</a></p> Banking in the United Kingdom Economy of the United Kingdom Lloyds Banking Group Thomson Reuters Thu, 31 Jan 2013 18:00:51 +0000 Thomson Reuters 5742010 at http://www.globalpost.com British house prices slip in January: survey http://www.globalpost.com/dispatch/news/afp/130206/british-house-prices-slip-january-survey <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>British house prices dipped in January from the level in December, but climbed on an annual basis for the first time for 27 months in a sign of improvement in the property market, a key survey showed on Wednesday.</p> <p>Prices fell by 0.2 percent in January from December, after rising for the previous two months, according to data from home-loans provider Halifax. The data covers all categories of homes including apartments.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130206/british-house-prices-slip-january-survey" target="_blank">read more</a></p> Lloyds Banking Group AFP Wed, 06 Feb 2013 12:00:53 +0000 Agence France-Presse 5747431 at http://www.globalpost.com UPDATE 2-Ex-Lloyds Bank CEO says most PPI policies not mis-sold http://www.globalpost.com/dispatch/news/thomson-reuters/130214/update-1-ex-lloyds-bank-ceo-defends-sale-ppi-policies <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Daniels says about half of PPI complaints are false</p> <p>* Daniels says most customers buying PPI got good value</p> <p>* Ombudsman data shows Lloyds loses 98 pct of cases</p> <p>* Lloyds has set aside 5.3 bln stg for compensation</p> <p>By Matt Scuffham</p> <p>LONDON, Feb 14 (Reuters) - The former head of Britain's biggest retail bank said the majority of insurance policies taken out on loans and mortgages were not mis-sold, blaming false claims for the rising bill for banks paying compensation.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130214/update-1-ex-lloyds-bank-ceo-defends-sale-ppi-policies" target="_blank">read more</a></p> Business Economy of the United Kingdom Entertainment Eric Daniels Labor Lloyds Lloyds Banking Group Mortgage Payment protection insurance Types of insurance Thomson Reuters Thu, 14 Feb 2013 13:34:31 +0000 Thomson Reuters 5755404 at http://www.globalpost.com British watchdog fines Lloyds over compensation payouts http://www.globalpost.com/dispatch/news/afp/130219/british-watchdog-fines-lloyds-over-compensation-payouts <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Britain's financial watchdog on Tuesday said it had fined state-rescued Lloyds Banking Group £4.3 million ($6.6 million, 4.9 million euros) for delays in compensating customers mis-sold credit insurance.</p> <p>"The Financial Services Authority (FSA) has fined three Lloyds Banking Group firms a total of £4.315 million for failings in their systems and controls that resulted in up to 140,000 customers receiving delayed payment protection insurance (PPI) redress," said a statement.</p> <p>The three LBG divisions comprise Lloyds TSB Bank Plc, Lloyds TSB Scotland Plc and Bank of Scotland plc.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130219/british-watchdog-fines-lloyds-over-compensation-payouts" target="_blank">read more</a></p> Economy of the United Kingdom Lloyds Banking Group United Kingdom AFP Tue, 19 Feb 2013 13:16:29 +0000 Agence France-Presse 5759874 at http://www.globalpost.com Lloyds deal under threat as Co-op faces capital hole - FT http://www.globalpost.com/dispatch/news/thomson-reuters/130226/lloyds-deal-under-threat-co-op-faces-capital-hole-ft <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>Feb 26 (Reuters) - The Co-operative Bank's deal to buy more than 600 branches from Lloyds Banking Group is under threat as the Co-op faces a 1 billion pound capital hole, the Financial Times reported on Tuesday.</p> <p>The Co-op's capital deficit is the first to emerge from regulators' analysis of balance sheets after the Bank of England's Financial Policy Committee suggested that the shortfall across the sector could be as much as 50 billion pounds ($76 billion).</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130226/lloyds-deal-under-threat-co-op-faces-capital-hole-ft" target="_blank">read more</a></p> Economy of the United Kingdom Lloyds Banking Group Lloyds Banking Group Social Issues Technology United Kingdom Thomson Reuters Wed, 27 Feb 2013 00:30:34 +0000 Thomson Reuters 5767912 at http://www.globalpost.com UPDATE 3-Sheilas' Wheels owner esure to float in London http://www.globalpost.com/dispatch/news/thomson-reuters/130227/update-3-sheilas-wheels-owner-esure-float-london <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* IPO to value company at around 1 bln pounds - sources</p> <p>* Sale to include 50 million pounds in new shares</p> <p>* Founder Peter Wood to cut 50 pct stake by up to a third</p> <p>By Kylie MacLellan and Myles Neligan</p> <p>LONDON, Feb 27 (Reuters) - British home and motor insurer esure plans to list up to half its shares in London next month, valuing the company at as much as 1 billion pounds ($1.5 billion) and raising money to wipe out debt and boost growth.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130227/update-3-sheilas-wheels-owner-esure-float-london" target="_blank">read more</a></p> Business Esure Lloyds Banking Group Peter Wood Thomson Reuters Wed, 27 Feb 2013 16:45:16 +0000 Thomson Reuters 5768647 at http://www.globalpost.com http://www.globalpost.com/dispatch/news/afp/130301-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Lloyds bank awards chief executive £1.5 mn bonus despite loss</p> <p>rfj/yad</p> Lloyds Banking Group AFP Fri, 01 Mar 2013 07:32:56 +0000 Agence France-Presse 5770559 at http://www.globalpost.com URGENT ¥¥¥ Lloyds bank slashes 2012 net loss, awards bonus to boss http://www.globalpost.com/dispatch/news/afp/130301/urgent-lloyds-bank-slashes-2012-net-loss-awards-bonus-boss <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Britain's bailed-out Lloyds bank said Friday that net losses almost halved to £1.427 billion in 2012, when it was hit by vast insurance mis-selling claims, and awarded its boss a large performance bonus.</p> <p>The loss after taxation, equivalent to $2.165 billion or 1.657 billion euros, compared with a shortfall of £2.787 billion in 2011, Lloyds said in a statement, adding that chief executive Antonio Horta-Osorio would receive a bonus of £1.485 million that will be deferred until 2018 and dependent on the bank's share price level.</p> <p>rfj/yad</p> bank Lloyds Banking Group AFP Fri, 01 Mar 2013 08:00:36 +0000 Agence France-Presse 5770582 at http://www.globalpost.com UPDATE 4-Lloyds mis-selling hit cools prospects for UK share sale http://www.globalpost.com/dispatch/news/thomson-reuters/130301/update-1-lloyds-takes-further-29-bln-mis-selling-hit <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Lloyds' PPI mis-selling bill rises to 6.8 bln stg</p> <p>* CEO 'very confident' taxpayers will get money bank</p> <p>* 2012 pretax profit 2.6 bln stg vs 2.4 bln forecast</p> <p>* UK Treasury says 'still work to be done' at bank</p> <p>* Shares fall as much as 8.6 pct</p> <p>By Matt Scuffham and Steve Slater</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130301/update-1-lloyds-takes-further-29-bln-mis-selling-hit" target="_blank">read more</a></p> Barclays Currency Economy of the United Kingdom Entertainment Lloyds Lloyds Banking Group Mortgage Payment protection insurance Social Issues Thomson Reuters Fri, 01 Mar 2013 08:15:03 +0000 Thomson Reuters 5770583 at http://www.globalpost.com FTSE retreats on busy results day, Lloyds weaker http://www.globalpost.com/dispatch/news/thomson-reuters/130301/ftse-retreats-busy-results-day-lloyds-weaker <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>LONDON, March 1 (Reuters) - Britain's top shares slipped on Friday as investors waded through another flurry of corporate earnings reports, with Lloyds Banking Group a significant faller early on after its full-year results.</p> <p>The FTSE 100 was down 3.36 points, or 0.1 percent, at 6,357.45 by 0806 GMT, having firmed 0.6 percent on Thursday.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130301/ftse-retreats-busy-results-day-lloyds-weaker" target="_blank">read more</a></p> Lloyds Banking Group Thomson Reuters Fri, 01 Mar 2013 08:30:17 +0000 Thomson Reuters 5770597 at http://www.globalpost.com Lloyds bank posts 2012 losses, but awards staff bonuses http://www.globalpost.com/dispatch/news/afp/130301/lloyds-bank-posts-2012-losses-awards-staff-bonuses <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Britain's state-rescued Lloyds bank on Friday posted a 2012 net loss of £1.427 billion ($2.16 billion, 1.66 billion euros) , rocked by huge compensation for insurance mis-selling, but awarded its boss and staff a large round of bonuses.</p> <p>The loss after taxation, equivalent to $2.165 billion or 1.657 billion euros, compared with a shortfall of £2.787 billion in 2011, Lloyds said in a statement.</p> <p>Pre-tax losses were meanwhile slashed to £570 million, from £3.542 billion last time around.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130301/lloyds-bank-posts-2012-losses-awards-staff-bonuses" target="_blank">read more</a></p> Business Economy of the United Kingdom Lloyds Bank Lloyds Banking Group AFP Fri, 01 Mar 2013 08:31:00 +0000 Agence France-Presse 5770608 at http://www.globalpost.com FACTBOX-What UK banks have set aside for mis-selling http://www.globalpost.com/dispatch/news/thomson-reuters/130301/factbox-what-uk-banks-have-set-aside-mis-selling <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>(Updates Lloyds provisions) LONDON, March 1 (Reuters) - Lloyds Banking Group has set aside a further 1.9 billion pounds ($2.9 billion) to compensate customers for mis-selling two types of products. Banks have provisioned more than 14 billion pounds to compensate customers for payment protection insurance (PPI), making it Britain's biggest bank mis-selling scandal. The final bill could be over 20 billion pounds, industry sources say. Lloyds alone has provisioned 6.8 billion pounds to cover PPI claims.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130301/factbox-what-uk-banks-have-set-aside-mis-selling" target="_blank">read more</a></p> Economy of the United Kingdom Investment Lloyds Banking Group Social Issues Thomson Reuters Fri, 01 Mar 2013 09:00:03 +0000 Thomson Reuters 5770619 at http://www.globalpost.com Lloyds bank posts 2012 losses, but awards staff bonuses http://www.globalpost.com/dispatch/news/afp/130301/lloyds-bank-posts-2012-losses-awards-staff-bonuses-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Britain's state-rescued Lloyds bank on Friday posted a 2012 net loss of £1.43 billion, rocked by huge compensation for insurance mis-selling, but awarded its boss and staff a large round of bonuses.</p> <p>The loss after taxation, equivalent to $2.16 billion or 1.66 billion euros, compared with a shortfall of £2.79 billion in 2011, Lloyds Banking Group (LBG) said in a results statement.</p> <p>The lender, which is 39-percent owned by the taxpayer, added that pre-tax losses narrowed sharply to £570 million, from £3.5 billion last time around.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130301/lloyds-bank-posts-2012-losses-awards-staff-bonuses-0" target="_blank">read more</a></p> Business Economy of the United Kingdom Entertainment Labor Law Lloyds Banking Group United Kingdom AFP Fri, 01 Mar 2013 09:45:13 +0000 Agence France-Presse 5770662 at http://www.globalpost.com