Lloyds Banking Group

Ticker LLOY

Today's data summary

Market closed
% change
-0.07%
Price Pence
37.30
Change
-0.03
As of 12:03 28 Nov 2020
Market cap. Pound sterling
26,410.60 million
As of 12:03 28 Nov 2020

Latest updates

  1. Lloyds accused of 'walking away from community banking'

    The Unite union has further criticism for Lloyds Banking Group's plan to axe more workers.

    Scott Doyle, Unite LBG committee chair said:

    Quote Message: Unite accepts that banking models constantly change and update but this doesn’t need to equate to walking away from community banking and the public who have been loyal to the bank. Unite has pressed LBG to reconsider these job cuts and ensure that the bank remains rooted in the communities on which they depend for their long-term sustainability. There is no doubt that customers need experienced and highly committed banking staff in their communities and not just at the end of the phone or via an app.
  2. BreakingLloyds Banking Group to axe 780 jobs

    Lloyds Branch

    Lloyds Banking Group has told its workers that the equivalent of 780 full-time staff will lose their jobs between June and October 2020 in the latest round of job losses at the bank.

    Scott Doyle, Unite LBG committee chair said:“The decision is yet more evidence of the bank’s profits over people culture. “The Bank of Scotland, Lloyds and Halifax branches hit by the extensive staff cuts today will have sent shockwaves through the communities which are at present served by highly experienced bank staff."The BBC has asked Lloyds for a comment.

  3. More on Lloyds PPI bill

    Lloyds Banking Group

    A surge in complaints about mis-sold payment protection insurance (PPI) weighed on Lloyds' finances last year.

    The UK banking giant posted a 26% drop in pre-tax profits to £4.4bn as it paid out billions of pounds to customers in PPI compensation.

    The bill PPI claims in 2019 would be about £2.5bn, but Lloyds said no further provisions were needed as it had already set aside enough money.

    It brings the total paid out by Lloyds over the mis-selling saga to £21.9bn.

    The deadline, set by the City regulator, prompted a rush of enquiries, which pushed the bank's bill up from £750m in 2018.

  4. Lloyds profits hit by PPI charge

    Lloyds Bank

    Lloyds Banking Group have seen full-year profits plunge 26% from £5.9bn to £4.4bn for 2019, compared to the previous year.

    The bank says it was impacted by a "substantial PPI charge" related to the deadline for claims submission.

    Lloyds added that "subdued levels of client activity given challenging external conditions particularly in large corporate markets " in its commercial banking division also affected earnings.

    "Throughout 2019, UK economic performance has remained resilient in the face of significant political and economic uncertainty, supported by record employment, low interest rates and rising real wages," said Lloyd Banking Group's chief executive António Horta-Osório.

    "Although uncertainty remains given the ongoing negotiation of international trade agreements, there is now a clearer sense of direction and some signs of an improving outlook."

  5. Lloyds struggling 'to find its sweet spot'

    Today Programme

    BBC Radio 4

    Man using Lloyds ATM

    More on the upcoming annual results of UK retail banking giant Lloyds.

    Lloyds Banking Group has had to pay out about £21bn so far in compensation for mis-sold payment protection insurance (PPI).

    It is expected to say today that PPI will cost it another £2.5bn, following the final deadline for claims last August.

    Chris Skinner, banking analyst at Finanser.com, told the BBC's Today programme that the results away from PPI claims will "reflect the UK economy, in particular that the consumer banking side is hit by a depression pre-Brexit."

    He added on the lender's strategy: "Overall, the bank is still struggling with where it's going to find its sweet spot. Where is the future?"

  6. Lloyds issues memo on employee treatment after complaints

    lloyds storefront

    Lloyds Banking Group have sent an internal note to managers on how they should be treating their staff, the union Accord told Reuters.

    Branch closures have lead to heaps of complaints angry staff have filed with the union.

    Junior staff have had to open and close branches and many have seen their work commutes doubled relocating from closed branches to ones that were further away.

    The note came after the union, which represents 20,000 Lloyds employees, had sent one of its own to the bank.

    “There were a sufficient number of complaints for us to issue general guidance rather than just responding to the individuals who came to us,” Ged Nichols, general secretary at Accord, told Reuters.

    He added he was satisfied with Lloyds’ response so far.