LLOBF - Lloyds Banking Group plc 9.25% NON-CUM IRR PRF SHS GBP0.25

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  • Banks have only themselves to blame for PPI reckoning
    The Guardian

    Banks have only themselves to blame for PPI reckoning

    Some bankers may have thought that PPI products were justified, but it was a scam. What a suitably embarrassing end to Lloyds Banking Group’s misadventure in mis-selling PPI, or payment protection insurance. For the umpteenth time, the bank’s estimate of the cleanup bill has collided with reality and come up short. A rush of claims by punters, ahead of the August deadline, has forced a £1.2bn-£1.8bn increase in Lloyds’ provisions, taking the total to roughly £22bn. For the entire UK banking industry, the eventual tally now seems likely to land above £50bn, an astonishing sum. For good measure, the regulator’s odd Arnold Schwarzenegger adverts have helped to terminate the last £600m chunk of Lloyds’ £1.75bn share buy-back programme, the one the board was so proud of. It’s amazing now to recall that, back in 2011, when the chief executive, António Horta-Osório, commendably broke ranks with his industry’s defence of the indefensible, Lloyds reckoned it was looking a bill of a mere £3.2bn for PPI. By late-2014, the provisions had reached £10bn and the finance director confessed that getting a grip of the final figure was “fiendishly difficult”. You bet. One can point (and the banks do) to the role of claims management companies and, of course, it’s true that compensation will have been paid to some people who never had a PPI policy. But let’s not pretend that the entire £19bn increase from Lloyds’ original estimate (and comparable percentage increases at other banks) can be explained solely by fraudulent claims or ugly skim-off merchants. PPI was the most widely mis-sold product in UK financial history. It was fundamentally over-priced and various exclusions were designed to frustrate borrowers who might genuinely have benefited from cover against illness or unemployment. At some murky level, the bankers had convinced themselves that such products were justified because customers were also getting “free” in-credit banking, a deviously self-serving way to see life. PPI was a scam. To this day, you’ll find bankers who blame Horta-Osório for opening the compensation floodgates. That view is also deluded. The banks were losing their PPI legal fights in the courts and the then-new Lloyds boss was correct to conclude that a reckoning had to happen. The industry has only itself to blame. BA pilots go for Cruz British Airways pilots tend to be a conservative bunch. They have threatened to strike many times over the years but, in the end, have always backed down and agreed a deal. Until now. What’s changed? One factor, one suspects, is the low standing of the current BA chief executive, Álex Cruz, who doesn’t command the respect his predecessors did. On Cruz’s watch, BA suffered a huge IT collapse in 2017 and an enormous data breach in 2018, for which the airline faces a £183m fine from the Information Commissioner’s Office. Both episodes looked appalling. The computer calamities were also a negotiating gift for pilots. If BA’s management prefers to maximise short-term profits, or so it must seem, why shouldn’t the people flying the planes also get a slice of the same incentive action? Cruz, interviewed on the BBC on Monday morning, was vague about the pilots’ profit-sharing demands, presumably because he doesn’t have a good response. He was paid £1.3m last year and is in no position to try high-minded arguments. The pilots are extremely well-paid by everyday standards but also seem to be performing better in the air than Cruz has been on the ground. Despite its troubles, BA made profits of £2bn-ish last year. If the pilots feel they are owed a catch-up settlement after making sacrifices in the post-2009 lean years, this is their moment to press their claims. Cruz’s media tour was, presumably, designed to lay the blame for the grounded flights on the pilots. Good luck with that: many passengers will view a strike simply as the sort of thing that happens at BA these days. The former BA chief Willie Walsh is the chief executive of the parent International Airlines Group these days and trying not to intervene. He may yet have to. Cruz sounds unconvincing.

  • Sky News

    Lloyds blames flood of claims for new PPI provision of up to £1.8bn

    Lloyds Banking Group says it is to take a new charge of up to £1.8bn to cover compensation claims for mis-sold payment protection insurance (PPI). The lender said it took the provisional decision after receiving a flood of new requests for information in the days before 29 August - a deadline set by regulators in an attempt to draw a line under the scandal. The payment protection insurance affair has cost banks more than £36bn in compensation payouts since 2011.

  • Lloyds earmarks up to £1.8bn more for PPI claims
    The Guardian

    Lloyds earmarks up to £1.8bn more for PPI claims

    Bank says in run-up to deadline it was receiving 800,000 inquiries a week. Lloyds Banking Group will incur a further charge of up to £1.8bn to cover claims relating to mis-sold payment protection insurance after being hit by a surge in claims last month. Lloyds said the last-minute rush was bigger than expected, and has prompted it to make another PPI charge of between £1.2bn and £1.8bn. At the top end, this is double the £900m charge taken last week by Royal Bank of Scotland, which also saw a last-minute surge in claims. CYBG, which owns the Clydesdale and Yorkshire banks and Virgin Money, warned last week that it faced a potential bill of £450m for new claims. The latest charge takes Lloyds’s total PPI bill to nearly £22bn – by far the largest of all the banks. In total, the five major high street banks have set aside more than £40bn to compensate people who purchased often worthless cover in what has become the UK’s largest mis-selling scandal. Since Lloyds started taking claims in 2011, it has typically received 70,000 PPI information requests a week, but this soared to 600,000 to 800,000 a week in the final weeks before the 29 August deadline. Lloyds said the number was “higher than expected, with a significant spike in the final days before the deadline expired”. In light of this, the bank has decided to suspend the remainder of its 2019 share buyback programme, leaving £600m of the £1.75bn programme unused. Lloyds expects capital growth, and its return on equity, to be below its previous guidance, with the final outcome dependent on the actual PPI charge taken. The latest provision comes on top of £550m in PPI charges taken in the second quarter, which pushed down Lloyds’s pre tax profits by 7% to £2.9bn for the six months to the end of June. About 64m PPI policies were sold in the UK, mostly between 1990 and 2010. Banks and other financial institutions pushed the insurance alongside loans, credit cards and other deals – but in many cases, exclusions meant customers could never make a claim. Analysts at Goodbody said: “The focus now turns to Barclays, with evidence from its peer group suggesting that the £360m of PPI provisions remaining in the second quarter are inadequate to cover the significant spike in activity in the lead-up to the deadline.”

  • Tesco sells 23,000 mortgages to Lloyds Banking Group in £3.8bn deal
    Yahoo Finance UK

    Tesco sells 23,000 mortgages to Lloyds Banking Group in £3.8bn deal

    Lloyds Banking Group has agreed to buy the £3.7bn mortgage portfolio of Tesco, Britain’s largest supermarket chain.

  • Third of FTSE 100 companies cut executive pensions
    Yahoo Finance UK

    Third of FTSE 100 companies cut executive pensions

    Some 30 companies listed on the FTSE 100 have made “significant changes” to pension packages, according to new data.

  • Lloyds Banking Group plc (LYG) Q2 2019 Earnings Call Transcript
    Motley Fool

    Lloyds Banking Group plc (LYG) Q2 2019 Earnings Call Transcript

    LYG earnings call for the period ending June 30, 2019.

  • Sky News

    Noel Edmonds agrees deal with Lloyds over bank fraud case

    Noel Edmonds has reached an agreement with Lloyds Banking Group worth a reported £5m after his former business was destroyed following fraud at one of its branches. As well as the payout, the bank apologised for the distress caused to Edmonds - who previously said he had tried to kill himself after his business was ruined by the scam. Staff at the HBOS branch in Reading ran the £245m loans fraud between 2003 and 2007.

  • Lloyds boss challenges claims he is 'greedy' for getting £6.3m package
    Sky News

    Lloyds boss challenges claims he is 'greedy' for getting £6.3m package

    Stauart Sinclair, who chairs the remuneration committee at Lloyds, told the work and pensions committee that staff at the bank did not resent Antonio Horta-Osorio's arrangements. Last year, he picked up a £6.27m pay package that included a slashed pension contribution of 33% - down from an original 46%. The average Lloyds worker is on about £30,000 and typically receives a pension contribution of 13%.

  • Lloyds chief executive is a 'winner' who deserves £6.2m package, MPs told
    Sky News

    Lloyds chief executive is a 'winner' who deserves £6.2m package, MPs told

    Stauart Sinclair, who chairs the remuneration committee at Lloyds, told the work and pensions committee that staff at the bank did not resent Antonio Horta-Osorio's arrangements. Last year, he picked up a £6.27m pay package that included a slashed pension contribution of 33% - down from an original 46%. The average Lloyds worker is on about £30,000 and typically receives a pension contribution of 13%.

  • Lloyds boss 'a winner' who deserves pay and pension deal
    Sky News

    Lloyds boss 'a winner' who deserves pay and pension deal

    Lloyds Banking Group's pay chief has said "people like winner" while defending the package earned by the lender's chief executive. Stauart Sinclair, who chairs the pay committee at Lloyds, told MPs on the Work & Pensions Committee that staff at the bank did not resent Antonio Horta-Osorio's arrangements. Lloyds returned to private hands in 2017 - almost nine years after its taxpayer bailout at the height of the financial crisis.

  • Reuters - UK Focus

    Lloyds Bank CEO asked to explain pension perks to parliament

    Lloyds Banking Group Chief Executive Antonio Horta-Osorio has been asked to explain in parliament the pension contributions paid to the lender's executives. Earlier this month senior lawmakers accused executives at Britain's biggest domestic lender of "boundless greed" for failing to give up generous pension perks that eclipse those offered to its broader workforce. Lloyds said it had received the letter from the committee and will respond in due course.

  • Reuters

    Lloyds defends CEO pay after investor anger at annual investor meeting

    Lloyds Banking Group has defended the 6.3 million pound pay package awarded to chief executive Antonio Horta-Osorio, after criticism from politicians and investor trade bodies. Horta-Osorio's pay in 2018 has drawn harsh commentary, with particular focus on the generous pension perks that eclipsed those on offer to Lloyds' broader workforce. Addressing questions at the company's annual general meeting, Lloyds Chairman Norman Blackwell insisted executive awards were "fair" and justified given the bank's turnaround in recent years from the brink of insolvency to becoming one of Europe's most profitable lenders.

  • Reuters - UK Focus

    Lloyds braces for pay revolt at annual investor meeting

    Lloyds Banking Group is braced for a potential shareholder revolt over senior executives' pay at its annual meeting on Thursday, after criticism by politicians and a string of similar rebellions at rival banks. The bank's CEO Antonio Horta-Osorio's 6.3 million-pound pay in 2018 has faced objections from investors, with particular focus on the generous pension perks that eclipse those on offer to Lloyds' broader workforce. Horta-Osorio, Britain's highest paid banking CEO, has already waived part of the bank's contributions to his pension pot this year, taking the annual payments to 33 percent of base salary from 46 percent previously.

  • MPs accuse Lloyds bosses of 'boundless greed' over pensions
    Reuters

    MPs accuse Lloyds bosses of 'boundless greed' over pensions

    Senior UK lawmakers have accused executives at Britain's biggest domestic lender Lloyds Banking Group of "boundless greed" for failing to give up generous pension perks that eclipse those on offer to its broader workforce. On the eve of the bank's annual general meeting, the heads of parliament's work and pensions and business committees said attempts by Lloyds to win backing for the policy from employees who also hold the bank's stock "smacks of feverish desperation". "Senior executives at Lloyds could bring this sorry episode to an end, today: just give it up," lawmaker Frank Field said in a statement on Wednesday.

  • Reuters - UK Focus

    UK lawmakers accuse Lloyds bosses of 'boundless greed' over pensions

    Senior UK lawmakers have accused executives at Britain's biggest domestic lender Lloyds Banking Group of "boundless greed" for failing to give up generous pension perks that eclipse those on offer to its broader workforce. On the eve of the bank's annual general meeting, the heads of parliament's work and pensions and business committees said attempts by Lloyds to win backing for the policy from employees who also hold the bank's stock "smacks of feverish desperation". "Senior executives at Lloyds could bring this sorry episode to an end, today: just give it up," lawmaker Frank Field said in a statement on Wednesday.

  • Reuters

    Former judge to review Lloyds' payouts to HBOS fraud victims

    A retired High Court judge has been appointed to review a compensation scheme set up by Lloyds Banking Group to pay redress to victims of one of Britain's biggest banking scandals. Sir Ross Cranston, who is also a former MP and solicitor general, will assess whether the scheme that has awarded millions of pounds in compensation was conducted fairly. A representative for Cranston said he had been appointed by Lloyds after City minister John Glen called for a review into the scheme in December, after campaigners raised major concerns.

  • Reuters - UK Focus

    One-off costs hit Lloyds Bank profit as rate hike hopes fade

    Lloyds Banking Group has given up hope of a profit-boosting rise in interest rates before 2020, Britain's biggest mortgage lender said on Thursday, after surprise one-off costs led it to miss quarterly earnings forecasts despite robust underlying profits. Lloyds also reported a further 100 million pound charge to cover administrative costs linked to a fresh surge in requests for information on possible payment protection insurance claims ahead of an August deadline for payouts. Chief Financial Officer George Culmer said the bank believed an interest rate rise had been pushed back.

  • Reuters - UK Focus

    Lloyds Banking Group posts robust first quarter profits

    Britain's biggest mortgage lender Lloyds Banking Group has posted robust first quarter profits against a backdrop of cooling house prices and dwindling confidence among its small business borrowers. Lloyds ...

  • Reuters

    Schroders-Lloyds wealth joint venture announces management team

    Schroders Personal Wealth, a planned joint venture between asset manager Schroders and Lloyds Banking Group, announced its management team on Tuesday. Schroders and Lloyds said they were teaming up on the project in October last year, and at the time said it would be led by Schroders' co-head of intermediary, James Rainbow.

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