Lloyds Bank

Osborne dismisses allegations of pressure in Lloyds deal

Osborne dismisses allegations of pressure in Lloyds dealUK's Chancellor George Osborne has dismissed suggestions that there was undue pressure in the Lloyds deal and said that the UK government did not put "undue pressure" on the Co-op to buy the branches.

Lloyds planning to buyback bonds

Lloyds Banking GroupLloyds Banking Group has said that it is planning to buyback bank's bonds form hundred thousand retail investors.

The bank's plans to buy back bonds is facing criticism as some suggested that it is planning to short-change its retail investors who helped the banking group survive the financial crisis. The state-owned bank announced plans to buy back or exchange up to £8.4billion of bonds that were issued in 2009 to supplement its £20.5 billion bailout from taxpayers.

Scotland's independence will impact business, Lloyds

Scotland's independence will impact business, LloydsLloyds Banking Group has said that if voters chose an independent Scotland this year, it will have a "material impact" on its business.

The bank warned that under the European laws, it will be forced to move England as most of its customers are located there. The European laws require major banks to be based where their customers are located.

Lloyds might confiscate bonus over insurance scandal

Lloyds might confiscate bonus over insurance scandalLloyds Banking Group has indicated that it might confiscate bonus allotted to former Chief Executive Eric Daniels over rising bill of the insurance scandal.

Lloyds to increase female members in workforce

Lloyds Banking GroupLloyds Banking Group has said that it has set a target to have at least 40 per cent women in its top 5,000 jobs during the coming six years.

The move is aimed at meeting the growing demand to address the gender diversity issue in the British business. The bank said that it will be the first company in the FTSE-100 company to establish a formal gender target for its senior most management position.

Lloyds, Government acted in ‘bad faith’, says Lord Levene

Lord LeveneLord Levene has accused the Lloyds Banking Group and the Government for acting in `bad faith' in the process to auction more than 600 branches of the bank in the UK.

UK government to sell stake in Lloyds in 2014

UK government to sell stake in Lloyds in 2014There are indications that theUK government might be planning to sell its stake in the Lloyds banking group in 2014.

UK Financial Investments (UKFI), the Treasury unit that manages the government stakes in Royal Bank of Scotland and Lloyds Banking Group, had sold 6 per cent of the issued share capital of the banking group in the market. Chancellor George Osborne had indicated that the government will soon start selling its holding in the Lloyds Banking Group.

Taxpayers suffered loss of £230m by selling stake in Lloyds

Lloyds Banking GroupTheNational Audit Office has contradicted claims by George Osborne that the UK Treasury made a profit by selling stake in Lloyds Banking Group.

The National Audit Office said on Wednesday that the taxpayers suffered a loss of £230m through the sale of a stake in Lloyds Banking Group. The claims are against remarks by Osborne in which he said that the Treasury made a profit of £60 million by selling the stake. George Osborne had written on the day of the stake sale in September that the government had sold 6 per cent of Lloyds shares at 75p earning a profit for the taxpayers.

Lloyd's of London appoints first female chief executive in 325-year history

Inga-BealeLondon, Dec 17 : Lloyd's of London has appointed its first female chief executive in its 325-year history.

The company is to be run by 30-year industry veteran Inga Beale from January.

According to the Guardian, Beale said that she was looking forward to working with the Lloyd's team.

She added that the wider market to deliver a strategy for profitable and sustainable growth alongside Lloyd's robust market oversight.

Beale has held a number of senior roles in the insurance industry, including at Zurich Insurance and at the insurance arm of General Electric, the report said.

Lloyds operated toxic bonus culture leading to miss-selling

LloydsRegulators in the UK have accused the Lloyds Banking Group of operating a toxic culture that lead to miss-selling by its employees in order to avoid demotions and achieve targets.

The regulator fined the bank a record £28 million for operating a toxic culture which forced one of the salesmen to sell policies to himself, his wife and a colleague for avoiding demotion. The employee was concerned that his salary would fall from £34,000 to £26,000 if he is demoted one grade. This is about 23 per cent pay cut for a middle-ranking adviser in the banking giant, which put immense pressure eon the working of the bank staff.

HSBC Holdings to float its UK arm

HSBC Holdings to float its UK armFinancial giant, HSBC Holdings Plc has said that it is considering floating around a third of its British retail and commercial banking arm.

The move to sell up to 30 percent of its British retail and commercial banking arm will allow the banking giant to comply with the new UK rules that require banks to ring-fence their retail arms. According to people closer to the matter, the plan is still in its initial stage and has been discusses with the investors and on the board. There have been informal conversations at board level regarding the plan to float such a stake.

Horta wins £2 million bonus as shares remain strong

Antonio Horta OsorioAntonio Horta-Osorio, the owner of state-backed Lloyds Banking Group has secured a long-term bonus worth more than £2 million after the company's shares remained strong.

Antonio Horta-Osorio will now receive three million shares in the company after the shares of the company above the 73.6p level for more than 30 days. The share price of 73.6p is the same at which is the same level at which the government paid to bail out the bank during the financial crisis in 2008. The shares of the banking group were trading at around 80.37p on Friday, remaining above the mark for three weeks.

Aberdeen Asset Management looking to acquire SWIP from Lloyds

Aberdeen Asset ManagementIt is believed that Aberdeen Asset Management is planning to acquire Scottish Widows Investment Partnership (SWIP) from Britain's Lloyds Banking Group in a deal valued at around 500 million pound or $804.53 million.

According to people closer to the matter, the deal is expected to be announced on Monday and will be mostly in stock. The spokesperson of both Scottish Widows and Aberdeen Asset Management did not offer any comments on the matter. Under the deal, Lloyds will acquire just under 10 per cent of Aberdeen Asset Management.

Lloyds’ compensation for mis-selling PPI loan insurance reaches £8bn

LloydsLloyds Banking Group was forced to pay another £750m charge for mis-selling payment protection insurance, which has taken the total compensation it paid for mis-selling to £8 billion and affectedits profitability.

The latest charge resulted in the banking group recording a loss of £440m in the three months till September. However, the bank has been able to perform well in the year as it recorded a profit of £1.7 billion over the first nine months, compared with a loss of £607 million in the same period of the previous year.

Lloyds chief to get £2.5m bonus next month

Lloyds chief to get £2.5m bonus next monthAntonio Horta-Osório, the chief executive officer of Lloyds Banking Group might receive a multi-million pound bonus in the coming month.

Mr. Horta-Osório will receive a windfall of more than three million shares if the share price of the banking group remains above 73.6p for about 30 days. The share price of 73.6p is the same at which is the same level at which the government paid to bail out the bank during the financial crisis in 2008. The shares of the banking group were trading at around 80.37p on Friday, remaining above the mark for three weeks.

UK’s consumer index rise to 115 points

UK’s consumer index rise to 115 pointsAccording to the latest data released, the consumer confidence index in the UK has risen to 115 points, which is its highest since the survey began in November 2010 and indicates that the economy is recording a stable recovery.

UK government begins selling Lloyds shares

UK government begins selling Lloyds sharesThe authorities in the UK have announced that beginning of the stake sale in the Lloyds Banking Group about five years after the taxpayer's money was used to rescue the banking giant.

Government invites bids as advisers for Lloyds, RBS

Government invites bids as advisers for Lloyds, RBSThe authorities in the UK have invited banks to submit their bids as advisers for its plans to privatise state-backed Lloyds and Royal Bank of Scotland.

Chancellor George Osborne has indicated that the government will soon start selling its holding in the Lloyds Banking Group. It is not know as to how much of the Government's 39 per cent stake in the bank will be sold. Some suggest that the government might sell 10 per cent stake, which is valued at about £17 billion, in the bank within this year.

Lloyds planning to launch new payment system

Lloyds planning to launch new payment systemLloyds Banking Group has said that it is planning to launch a new mobile payment system allowing traders and owners of micro businesses to accept customer payments using their smartphone.

The banking group has already entered into a deal with mobile payments business, Monitise for offering to the clients in the country. The business owner can simply download the app and turn the smartphone device into a point of sale terminal that will be capable of placing an order or sending a receipt to the customer by text message or email.

Lloyds TSB customers to be restricted form using TSB branches

Lloyds TSB customers to be restricted form using TSB branchesIt is believed that millions of Lloyds TSB customers in the UK will no longer be able to use TSB branches or they will have to face a £5 charge if they continue to access services from the familiar branches.




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