|Bid||2.8700 x 45900|
|Ask||2.8800 x 317000|
|Day's Range||2.8600 - 2.9000|
|52 Week Range||2.4300 - 3.4700|
|Beta (3Y Monthly)||1.29|
|PE Ratio (TTM)||9.57|
|Forward Dividend & Yield||0.17 (5.73%)|
|1y Target Est||2.64|
Lloyds Banking Group froze the accounts of about 8,000 offshore banking customers as part of a crackdown on money laundering, after asking them for three years to prove their identity. 1,000 of its largest corporate clients last month that they faced a similar fate to meet money laundering rules. , Barclays and Royal Bank of Scotland have also tightened controls in Jersey, according to people briefed on the situation, sending similar letters to check the identities of longstanding customers.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Lloyds Banking Group Plc’s Bank of Scotland unit was fined 45.5 million pounds ($58 million) by the U.K.’s finance regulator over a scandal at the bank’s Reading division that siphoned millions from failing businesses a decade ago.The company “failed to alert the regulator and the police about suspicions of fraud at its Reading branch when those suspicions first became apparent,” the Financial Conduct Authority said in an emailed statement on Friday. The watchdog also banned four people from working in financial services, including a pair of former HBOS bankers, all of whom were convicted of fraud related to the affair.The fine ends an episode that cost HBOS financially as well as hurt its reputation. Edinburgh-based HBOS was the subject of one of the most controversial episodes of Britain’s financial crisis. After a state-brokered takeover by the former Lloyds TSB in 2009, the combined entity ultimately required a 20.3 billion-pound taxpayer bailout.Mark Dobson and Lynden Scourfield, two of the four banned by the FCA, were sentenced in 2017 by a London judge to four and a half years and 11 years respectively in prison for selling their souls “for sex, luxurious trips, for bling.” The pair were condemned for their involvement in the scheme to gouge struggling small businesses with high consulting fees and load them with excess debt.“There is no evidence anyone properly addressed their mind to this matter or its consequences,” Mark Steward, executive director of enforcement and market oversight at the FCA, said in Friday’s statement. “The result risked substantial prejudice to the interests of justice, delaying scrutiny of the fraud by regulators, the start of criminal proceedings as well as the payment of compensation to customers.”HBOS was chided for not recognizing information that pointed to fraud earlier and its failures caused delays to the investigations by both the FCA and Thames Valley Police, the FCA said.Lloyds said in a statement that it cooperated with the FCA, has learned lessons from the experience, and has worked to ensure tighter controls and risk management.“2007-2009 was a dark period in HBOS’s history,” Lloyds Chief Executive Officer Antonio Horta-Osorio said in the statement. “I want to apologize once again for the very deep distress caused to the customers affected by the HBOS Reading fraud.”The FCA said the bank agreed to resolve the matter and qualified for a 30% discount, cutting its fine from 65 million pounds.(Adds details on scheme in fifth paragraph, Lloyds CEO comment in last.)To contact the reporter on this story: Hugo Miller in Geneva at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Aarons at email@example.com, Peter Chapman, Keith CampbellFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Britain's financial watchdog has fined Lloyds Banking Group 45.5 million pounds ($58 million) for failures to disclose suspicions of fraud at an HBOS branch in Reading, southern England. The fine is a further embarrassment for Lloyds as banks continue to pay for misbehaviour during the financial crisis a decade ago when Britain had to bail out several lenders. Halifax Bank of Scotland (HBOS) was involved in one of Britain's biggest banking frauds which led to six people, including two former HBOS bankers, being jailed in 2017 for a combined 47 years.
Lloyds Banking Group has hit back at parliamentary criticism of its executive pensions policy when a board member told MPs that the lender’s boss was a “winner” who deserved his high pay after rescuing the institution from the brink of bankruptcy. Stuart Sinclair, the head of Lloyds’ remuneration committee, told the Commons work and pensions select committee on Wednesday that chief executive António Horta-Osório — who will receive a guaranteed pay of £2.85m plus bonuses this year — “works incredibly hard and he deserves that”. over its policy, which gives Mr Horta-Osório a significantly larger pension contribution than the majority of his employees.
One of Philip Green’s longstanding backers has sold its remaining shares in the group that owns his troubled Arcadia retail business for just £1, company filings reveal. Taveta Investments, the holding company controlled by Sir Philip’s wife Tina, bought back 8m shares, or 7.76 per cent of its equity, according to documents lodged at Companies House. The documents did not reveal the identity of the seller but a spokesperson for Lloyds Banking Group confirmed they belonged to a division of the lender.
More than a decade later, banks are growing worried about the party’s latest promise to nationalize utility firms -- a policy that could trigger a fresh set of multibillion pound losses. Lloyds Banking Group Plc, one of the country’s largest business lenders, has multiple exposures to the utility sector through swaps, derivatives and revolving credit facilities, according to people with knowledge of the matter. While Jeremy Corbyn’s Labour has promised to honor the debts of any businesses it takes into public hands, executives at Lloyds have worked on scenarios under which a future government nationalizes the utilities at less than market value, said the people, who asked not to be named.
Britain's banks and building societies will have to charge the same amount for all overdrafts from April 2020, the Financial Conduct Authority (FCA) said on Friday, in a radical change that will raise questions about the future of free in-credit banking. The changes will make overdrafts simpler, fairer and easier to manage, protecting the millions of consumers who use overdrafts, particularly more vulnerable consumers, the watchdog said. "The overdraft market is dysfunctional, causing significant consumer harm," FCA Chief Executive Andrew Bailey said in a statement.
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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.
Britain's biggest domestic lender Lloyds Banking Group said on Thursday it would pay dividends quarterly from the first quarter of 2020, in a move aimed at distributing income to its 2.4 million shareholders more regularly and efficiently. The new approach will see the lender adopt three equal interim ordinary dividend payments for first three quarters of year followed by, subject to performance, a larger final dividend in the fourth quarter, the bank said in a statement. Lloyds is one of Britain's biggest dividend payers and distributed around 4 billion pounds to investors in 2018.
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.