Lloyds fined £117m over PPI handling
5th Jun 2015 07:13
Lloyds Banking Group has been fined £117m by the Financial Conduct Authority for mishandling compensation payouts for mis-sold payment protection insurance between March 2012 and May 2013. As a result, the bank said it will reduce bonuses paid to staff by around £30m. Lloyds apologised to customers
Read moreLloyds Banking 'buyu' case remains for Nomura despite ECN bond court judgement
3rd Jun 2015 16:28
Lloyds Banking Group remained a 'buy' in the view of Nomura on Wednesday despite the bank being prevented by the High Court from buying back a pool of high-interest, enhanced capital note (ECN) bonds. The Japanese broker said the "bizarre" court ruling, which came after the Bank of England's Prude
Read moreLondon midday: High Court blocks Lloyds attempt to redeem hybrid debt
3rd Jun 2015 12:34
Stocks drifted higher as investors waited for the release of a host of economic data, while Greece and its creditors staked out their respective positions ahead of a meeting between both sides. As of 12:16 the Footsie was higher by 15.83 points to reach 6,944.05. Greece's prime minister Alexis Tsip
Read moreLloyds "disappointed" as High Court blocks early ECN cancellation, plans to appeal decision
3rd Jun 2015 11:11
Lloyds Banking Group said it was "disappointed" with a High Court ruling blocking its attempt to buy back its high-interest enhanced capital notes (ECNs). The judge ruled that the bank was not entitled to redeem the bonds, which are are held by 123,000 investors, early at face value. Lloyds had arg
Read moreCiti sees 40% return on European equities to end-2016
1st Jun 2015 10:50
European shares are set to 'deliver' as economic recovery in the euro area gains traction and given that valuations are not currently expensive, contrary to what some observers say, a leading broker argued on Monday. In a research note entitled "El Toro - the European bull" analysts at Citi highligh
Read moreInvestec stays at sell on Lloyds
1st Jun 2015 10:29
The decision by UKFI to extend its trading plan to sell Lloyds shares until 31 December 2015, together with the government's promise to sell approximately £4bn in stock via a discounted retail offer, should facilitate a full exit from the lender in 2016. While positive, the shares are "up with event
Read moreLondon open: Ahead of US data, stocks pare gains on Greek worries
1st Jun 2015 08:24
Stocks pared strong early gains ahead of a raft of US economic data scheduled for release in the afternoon amid continued worries over the situation in Greece. As of 08:56 the FTSE 100 was higher by 24.21 points to 7,008.64. The top flight index snapped higher at the start of the session following
Read moreState lowers stake in Lloyds to below 19%
1st Jun 2015 07:25
UK Financial Investments, the state investment vehicle, has lowered its stake in Lloyds to 18.99% from the 19.93% it held on 12 May. That comes on the heels of continued market speculation regarding a sale of shares to the public with the aim of returning the lender wholly to private ownership - pos
Read moreSunday share tips: Lloyds Banking, Quindell, Quantum Pharmaceutical
31st May 2015 16:40
Lloyds Banking Group shares are a 'hold', said Questor in the Sunday Telegraph. The bank is certainly making progress: reporting rising profits, is close to returning to paying a dividends and small investors will soon able to take advantage of the accelerated sale of the government's shareholding.
Read moreSunday newspaper round-up: Government supplier clampdown, UK banks' Fifa fears, Lloyds sale
31st May 2015 15:58
Companies that supply services to the government are going to feel the screw tightened on them as the Cabinet Office clamps down, the Sunday Times said. The office has begun to demand its biggest contractors, which include BAE Systems, Babcock, Serco and G4S, to report on revenue and profit margins
Read moreFTSE 100 movers: Banks and miners weaker, property stocks extend gains
26th May 2015 13:18
UK stocks were were buffeted on Tuesday by Greek uncertainty, stateside interest rate speculation and weakness among miners and financials. As of 14:30 BST, the FTSE 100 was trading 23.5 points lower at 7,008.24. Banking stocks with high eurozone exposure plummeted as Greece concerns merged with Sp
Read moreLondon midday: Banks and oil stocks drag Footsie lower after long weekend
26th May 2015 11:33
Greek uncertainty, interest rate speculation stateside and tonnes of US economic data ahead led to a nervous start in London following the long weekend. The FTSE 100, which settled at a two-week closing high of 7,031.72 on Friday, was down 0.23% at 7,015.37 by Tuesday midday. Concerns that Greece w
Read moreLondon open: Greek fears hit stocks as investors await US data barrage
26th May 2015 08:21
UK stocks slipped on Tuesday morning as investors started a shortened trading week on a cautious note ahead of a raft of economic data from the States. The FTSE 100 was down 0.58% at 6,991.11 early on with stocks in the banking and oil sectors providing a drag. Concerns that Greece will struggle to
Read moreStart-up British banks seeing better returns than larger rivals, says KPMG
22nd May 2015 13:35
New 'challenger' banks are outperforming the 'Big Five' high street banks, and the larger lenders need to examine better ways of standing out in the market, according to a report by KPMG. The reported said that new banks in the UK are securing stellar returns, as they pick up "the whitespace left be
Read moreLondon close: Stocks end with small gains but upside limited
18th May 2015 17:02
London's FTSE 100 managed to finish in the green after a choppy session, though upside was limited by continuing uncertainty in Greece. The Footsie settled 8.38 points higher at 6,968.87, ending well below the intraday high of 7,015.49 but firmly above the intraday low of 6,931.64. While mining sto
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