UK banks could raise dividends and buybacks, UBS suggests after stress test results
The Bank of England on Wednesday said all seven British banks and building societies passed could handle a 'disorderly Brexit'
Company
Lloyds Banking Group PLC
LON:LLOY
Lloyds Banking Group has many household names like Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows. Lloyds Banking Group is a leading UK based financial services group providing a wide range of banking and financial services, focused on personal and commercial customers. The Group’s main business activities are retail, commercial and corporate banking, general insurance, and life, pensions and investment provision. The Group operates the UK’s largest retail bank and has a large and diversified customer base.
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Lloyds, RBS, Barclays and other UK banks pass tough 2018 stress test ahead of Brexit
In the 2018 scenario, UK GDP falls by 4.7%, the UK unemployment rate rises to 9.5%, UK residential property prices fall by 33% and UK commercial real estate prices fall by 40%
FTSE 100 closes lower after another day of unease on Brexit and trade
The UK's premier blue-chip index closed down around 12 points at 7,004
Morgan Stanley cuts price targets for RBS and Barclays, maintains stance on Lloyds
Morgan Stanley analysts expect the Bank of England to raise interest rates by 50bps in 2019 and another 75bps in 2020
Lloyds confirms Deloitte as new auditor after reports of accountancy conflicts
In August it emerged that the bank may be forced to appoint Deloitte given that KPMG audited HBOS, which was bailed out by Lloyds, while EY audits rival RBS.
Noel Edmonds to launch lawsuit against Lloyds and enter I'm a Celebrity this week
Edmonds will reportedly brave the Australian jungle as he prepares to go head to head with Lloyds over fraud at the bank's HBOS Reading unit
Lloyds, RBS and Barclays shares drop as Theresa May faces no confidence vote over Brexit deal
“Lower interest rate hike expectations, coupled with the fear that a no-deal Brexit could bring chaos to trade, are raising worries over the performance of UK banks going forward,” said IG market analyst Joshua Mahony
UK's biggest supermarkets slapped with unequal pay lawsuit in wake of Lloyds pensions case
Female workers continue to march against discrimination in the workplace after a court ordered Lloyds to amend its pension schemes to make benefits equal for men and women
Sainsbury's profits drop as it takes hit related to proposed Asda merger
Sainsbury's continues to expect full-year underlying profit to meet market forecasts
Lloyds confirms plan to axe 6,240 jobs but create 8,240 new roles as part of digital revamp
Unions were understood to be discussing the changes with staff on Tuesday morning
Marcus by Goldman Sachs signs up 100K UK customers since September launch
“We must be one of the fastest growing banks in the UK right now," according to Des McDaid, managing director of Marcus.
Lloyds and Barclays among worst performers in EU stress test
All 48 lenders passed the European Banking Authority’s test that sought to identify any capital holes but Lloyds and Barclays were the unexpected laggards
FTSE 100 closes marginally higher as European indices lag; US mid-terms in focus
FTSE 100 closed marginally higher but mid-cap cousin FTSE 250 plunged nearly ten points.
FTSE 100 can't hold onto gains and closes in red as Wall Street shares drag
The FTSE 250 fared much better though, adding almost 154 points on the day to close at 19,325
BT's turnaround plan pays off but challenges remain for incoming boss
Analysts still think BT's dividend yield looks robust after the company lowered its interim dividend
HSBC, Lloyds, RBS and Barclays tighten lending standards ahead of Brexit
Consumers are relatively cautious in their borrowing while lenders have become warier about advancing unsecured credit, according to EY Item Club's Howard Archer
RBS shares gain as Barclays and Deutsche Bank maintain 'buy' rating
“Focus is on how quickly RBS can return surplus capital; we now factor special dividends in addition to directed buybacks,” Barclays said
FTSE 100 closes with strong gains but Budget provides little impetus for enthusiasm
The FTSE 100 closed strongly as it joined a global rebound off last weeks volatility, however the latest Budget did little to help matters along
Lloyds to equalise benefits of pension schemes after court ruling
The changes to the bank's pensions schemes, which will affect about 230,000 members, could cost bank between £100mln and £150mln.
Archive
UK Budget, BoE, US jobs data to sandwich flood of corporate updates from likes of BP and Shell
Aside from the oil majors, the slew of blue-chip updates due in the coming week will include global banks HSBC and Standard Chartered, and drugs firms GlaxoSmithKlne and Shire
UBS upgrades CYBG but still prefers large-cap banks Lloyds, RBS and Barclays
UBS sees better risk / reward at Lloyds, Barclays and RBS
Lloyds shares held back by Brexit fears but dividend yield still a big draw for investors
“For long-term holders the depressed share price means there’s an attractive 6.4% dividend yield on offer, and a share buyback programme could deliver very attractive results long-term if all goes Lloyds’ way,” said Hargreaves Lansdown's Ni
Lloyds announces departure of CFO as it reports better-than-expected decline in profits
“We remain on track to deliver the improved financial targets for 2018 that we announced in August, as well as all of our longer-term guidance,” said Lloyds boss Antonio Horta-Osorio.
FTSE 100 closes at session peak after strong rebound in tandem with US stocks
At the close, the UK blue chip index was 41.12 points higher at 7,004.10, the session peak, and well above the early low of 6,995.99
Lloyds the biggest mortgage lender but competitive pressures could bite
Margins will be a key area of focus for investors assessing the third quarter results of Lloyds on Thursday
Archive
Lloyds, Debenhams, WPP and ECB to dominate day-ahead's financial calendar
The day ahead includes third quarter trading updates from Lloyds and WPP along with full year results from Debenhams and the ECB's policy decision.
Lloyds and Schroders confirm plan to create financial planning joint venture
Lloyds and Schroders hope the financial planning business will become one of the UK’s top three within five years.
CYBG shares trade at 'unjustified premium' to Lloyds and RBS, says Barclays
Barclays initiated its coverage on CYBG with an ‘underweight’ rating and target price of 280p, saying it expects margins in 2019 to disappoint
Shares in FTSE 100 banks including Lloyds, RBS and Barclays remain under pressure
“RBS has been the best of a bad lot, with Standard Chartered, perhaps weighed down by concerns over its emerging markets, the worst of the FTSE 100’s Big Five, in share price terms,” said AJ Bell investment director Russ Mould
Lloyds working on plan to double share buyback scheme to £2bn next year: Media report
Citing sources familiar with the plan, the newspaper said the FTSE 100-listed lender hopes to return £4.5bn of capital to shareholders through the buyback and by paying a higher dividend
Archive
Third-quarter updates from Barclays, Lloyds Banking Group, and RBS all due in coming week
Aside from the banking trio, updates are also due in the week ahead from the likes of WPP, Whitbread, International Airlines Group, Ryanair, Glencore and Antofagasta
UBS prefers Barclays, Lloyds and RBS despite worries about Brexit uncertainty
UBS said Barclays is its top pick of European banks
Schroders posts increase in third quarter assets, led by institutional demand
The recent performance of assets managers has been mixed as Brexit uncertainty and concerns global trade and political tensions weigh on investor sentiment
Lloyds helps pay for £5.8mln earned by boss of PPI redress scheme staff supplier
The boss and founder of Regulatory Finance Solutions received earnings not far below that of the chief executive of Lloyds last year
Lloyds awards £30mln of assets pulled from Aberdeen Standard Investments to BlackRock
Scottish Widows has also agreed to a strategic partnership with BlackRock and are near to finalising arrangements for a further £80bn of assets
CYBG boosts capital position ahead of Virgin Money takeover but ShoreCap thinks Lloyds offers better value
Shore Capital maintained a 'hold' rating on CYBG, saying it continues to see better value elsewhere in the domestic banking sector with Lloyds offering more upside
Investments and investor services
FTSE 100 closes down nearly 2% as the big sell-off continues
The UK blue-chip benchmark finished down nearly 139 points lower at 7,006 - not far from the 7,000 mark
Berenberg analysts like the look of a possible Schroders-Lloyds tie-up
“We believe both aspects of the deal bring strategic benefits to Schroders. At the very least, it demonstrates a corporate dynamism not previously associated with Schroders”
Aston Martin flop leads to reported IPO devaluation for law firm Vannin Capital
The news was followed by another poor showing from the luxury car maker on Monday as its shares began the first day of full trading
Investments and investor services
FTSE 100 closes firmly in red as Italy causes jitters
In the currency markets, sterling is around flat against the Euro and down 0.43% against the US dollar.
Lloyds and RBS back on their feet 10 years after government's bank rescue deal
Given the risks facing the economy, including Brexit and a trade war between the US and China, there is speculation about whether a global recession could happen again
Investments and investor services
Former finance director of Lloyds corporate bank to join Rathbone Brothers
Jennifer Mathias held various senior positions at Lloyds over a 16-year period, including as finance director of corporate banking
Competition watchdog slams Lloyds after PPI errors
The CMA said Lloyds had failed to send annual reviews detailing how much customers need to pay and their right to cancel the policy to some 14,000 eligible customers
FTSE 100 closes lower but up on the week as Italy rattles European markets
FTSE 100 closed the day 35 points lower as the situation in Italy rattled markets
Goldman Sachs' new UK online retail bank challenges Lloyds, RBS, Barclays and HSBC
Goldman’s online retail bank, named Marcus after the group’s founder, is offering an interest rate on savings of 1.5%
Lloyds remains 'our most preferred UK bank', says Credit Suisse as it hikes target price
Credit Suisse expects Lloyds to achieve a dividend yield of 10% in 2019/20
Finance houses no longer appear to love asset managers; why should you?
Suddenly, it's all the rage for insurance companies to offload their asset management businesses. Does this signify the top of the market?
Lloyds to be hit worst by ‘intense mortgage competition’, says Goldman as it moves RBS up to ‘buy’
The ‘bulge bracket’ investment bank sees no end in sight to the pressure on mortgage pricing, which it argues is bad news for Lloyds but not so for RBS
Investors still wary 10 years on from Lehman Brothers collapse
Performance since the financial crisis demonstrates that in the long term, the stock market is surprisingly reliable, says Hargreaves Lansdown
FTSE 100 ends in positive territory as Barnier now sees potential Brexit deal in weeks
The UK's index of leading shares added 1.6 points, or 0.02% , to finish at 7,279, while sterling was up 0.80% against the US dollar
Lloyds to axe 380 jobs and add 435 roles as part of digital strategy
Lloyds is investing £3bn into staff and technology as part of a three-year strategy to better compete in a market where digital banking is growing in popularity
Lloyds becomes first bank to issue bond tied to Bank of England's substitute to scandal-hit Libor
Lloyds priced the three-year bond at 43 basis points above the Sonia rate
RBS to axe more branches, outpacing Lloyds, HSBC and Barclays with closures
RBS, Lloyds, Barclays and HSBC have been shutting branches as an increasing number of customers switch to online banking
Greatland Gold jumps on upbeat rock chip results from Black Hills licence in Australia
A look at some of the biggest risers and fallers on the London market this Tuesday
Lloyds Banking and BT Group among the big names on the Investment Association's naughty step
For FTSE 100 companies, there was an increase in shareholder rebellions against directors' pay. For FTSE 250, the beef was more to do with directors that many shareholders did not want being re-elected
Lloyds completes £1bn share buyback programme
Lloyds unveiled the share buyback at its annual results alongside a 20% dividend hike
Goldman Sachs to launch online retail bank in the UK in coming weeks
The bank will be open to the Wall Street giant’s UK employees before its official launch
Monzo said to be planning £20mln crowdfunding as it eyes unicorn status
Monzo is set to receive “unicorn” status alongside technology companies such as Deliveroo and Skyscanner valued at US$1bn or more
Standard Chartered reveals delay to regulatory approval for post-Brexit EU hub
The delay comes amid sector-wide pressure from European regulators to submit more detailed plans for their post-Brexit hubs to prevent banks from creating token offices
HSBC upgrades RBS to 'buy' and keeps Lloyds at 'hold' but Barclays still preferred
"RBS has been the worst performing UK domestic bank stock year-to-date," HSBC said
Archive
FTSE 100 closes firmly higher as investors fret less on China/US relations
The UK blue-chip benchmark closed up over 58 points at 7,556, while its mid-cap cousin FTSE 250 added almost 142 points
Investments and investor services
Lloyds and HSBC go ex-div, but has the BBQ summer saved Kingfisher’s first half?
Investors in the B&Q owner will be hoping for a BBQ boost sufficient to offset the springtime freeze.
Lloyds, RBS and HSBC among worst performers in customer survey, CMA reveals
RBS came joint last with Clydesdale Bank while Lloyds was ranked the same as TSB, which was hit by an IT crisis in April
Standard Life Aberdeen blames tough market conditions for lower profits and AUMA
Standard Life Aberdeen said economic and political uncertainties continue to affect investor sentiment
Brexit and global trade war put dividend hikes at risk for Lloyds, RBS, Barclays and HSBC
Lloyds and HSBC have come out on top in dividend payouts with a projected 2018 yield of 5.4% for the two lenders
UBS says Lloyds one of its top picks as it reiterates 'buy' rating but cuts target price
UBS cut its target price on Lloyds to 80p from 87p, citing lowered peer group trading multiples in its sum-of-the-parts valuation
Archive
FTSE 100 closes higher as positive US jobs report boosts sentiment
Footsie closed the day up over 83 points at 7,659, but over the week as a whole it was down 0.54%
PPI: What’s all the fuss about?
The PPI scandal has been pervasive across advertising spaces for years, but what exactly caused the surge in claims on this previously little-known financial product?
Lloyds Banking Group’s first-half results can be summed up in three letters – PPI
The lender surprised some as it took a fresh £460mln provision for the payment protection insurance (PPI) mis-selling scandal, although the amount was a lot less than last year’s provision
Lloyds first-half profits rise 23% despite extra £460mln provision for PPI claims
Lloyds said growth in credit cards business MBNA offset ongoing pricing pressures in mortgages amid tough competition
Investments and investor services
FTSE 100 closes firmly lower as miners lag and attention turns to BoE rate decision
The Footsie closed Wednesday almost 96 points lower at 7,652.
Archive
Financial sector to hold most attention as Fed rate decision looms
The Fed rate decision is expected to come and go with little drama on Wednesday, with the decision from the Bank of England on Thursday more likely to cause upheaval
UK's top banks in the spotlight as Lloyds, Barclays and RBS report interims
Lloyds, Barclays and RBS report their interims this week
FTSE 100 closes slightly in red as traders sit on hands ahead of central bank updates
FTSE 100 closed down 0.46 points, or 0.01% at 7,700 on Monday
Lloyds reviews treatment of HBOS fraud whistleblower
Lloyds said it believes the whistleblower "acted with the best of intentions”
Lloyds loses UK mortgage market share but remains biggest lender, UK Finance reveals
RBS overtook Barclays to become the fourth largest lender of mortgages while HSBC also grew its market share
Lloyds to reportedly operate from three European subsidiaries after Brexit
One of the subsidiaries is understood to be in Frankfurt, which will become home to Lloyds' euro bond trading business
Former Lloyds executive Andrew Bester to become new boss of Co-op Bank
Andrew Bester was once viewed as a possible candidate to become the next Lloyds chief executive
Lloyds may need to pay more than £1bn for HBOS Reading fraud, says Noel Edmonds
Former 'Deal or No Deal' host Noel Edmonds is seeking £64mln in damages for losses suffered from the loans scam at the HBOS Reading unit
Lloyds offers compensation of £76mln to victims of HBOS Reading unit fraud, say lawmakers
Reuters said 170 former directors of companies impacted by the fraud have so far been offered compensation, of whom 134 have accepted, according to a letter published by lawmakers on Thursday
Lloyds, RBS lead banks lower after UK court ruling raises threat of huge new PPI bill
The case at Manchester county court, involving a couple, Christopher and Joanne Doran, against Paragon Personal Finance, revolved around the issue of commission paid
OneSavings Bank shares edge higher on Numis upgrade
Numis said OneSavingsBank's cost-to-income ratio is nearly half that of Lloyds
HSBC completes separation of retail bank to meet ring-fencing rules
HSBC finished setting up its ring-fenced bank six months ahead of the legal deadline
TSB ignored warnings IT system was not ready before disastrous switchover, says union
Staff were “teetering on the brink of collapse" and dealing with “levels of abuse never seen before" from disgruntled customers, new documents claim
Lawmakers call for probe of Lloyds and KPMG over HBOS Reading fraud
The All Party Parliamentary Group on Fair Business Banking called for the probe after a confidential report into the fraud at HBOS Reading was leaked online on Tuesday
JP Morgan equalises CYBG and Virgin Money as it remains ambivalent on merger impact
The US investment bank said Virgin’s £1.7bn takeover of CYBG was likely to create a stronger UK bank but was unlikely to “materially shift the competitive backdrop”
Lloyds announces more job cuts as part of digital drive
Lloyds and other traditional retail banks have been investing in their online services in response to rising competition from tech-based providers
Lloyds downgraded and Barclays upgraded in HSBC’s sweeping review of banks
Aside from the price target changes for Lloyds and Barclays, HSBC analysts reckon market sentiment has shifted from overly optimistic to overly pessimistic
Lloyds’ confidential report into fraud at HBOS Reading unit leaked
The report was completed back in 2013 and had been circulated among regulators, law enforcement officials and MPs but was never made available to the public
Virgin Money and CYBG merger could face IT meltdown like TSB, analysts warn
Analysts fear Virgin Money and CYBG could experience an IT crash like TSB in integrating its computer systems
UBS repeats ‘buy’ on Lloyds Banking Group as it reflects on new ring-fencing rules from 2019
The Swiss bank's analysts noted that Lloyds and Barclays PLC are trading at a 13-17% discount to a sector trading at the highest implied cost of equity since mid-2016
FCA to take no action against Lloyds Banking Group's Scottish Widows unit after long-running probe
The regulator had been investigating Scottish Widows and five other insurers since March 2016 after conducting a review of their treatment of longstanding customers
Lloyds Banking Group raises £344mln after selling remaining stake in Standard Life Aberdeen
The FTSE 100-listed bank said the shares sold, representing approximately 3.3% of Standard Life Aberdeen’s issued ordinary share capital, were sold at a price of 352.5p each
FTSE 100 closes lower on day and week after lacklustre trading; miners weigh
Footsie closed out down around 23 points at 7,681 and was also down on the week as a whole, off around 0.26%
TSB to be probed by FCA over handling of the bank’s ongoing IT problems
The lender, which was bought in 2015 by Spanish bank Sabadell, had a major IT problem last month affecting its 1.9mln online customers
FTSE 100 closes in the red; Carnival cruises to the bottom of the pile
The UK's index of leading shares finished down around 54 points at 7,686 on Tuesday.
Investments and investor services
How long can Royal Bank of Scotland keep rolling with punches as Italy turmoil threatens new European crisis?
The 2008 rights issue and bail-out mark a financial concussion from which shareholders have yet to recover.
Archive
FTSE 100 has late flurry to close firmly higher
The UK blue-chip index had a surge near the close of play and added nearly 57 points
Archive
Royal Bank of Scotland in the spotlight on Wednesday as possible dividend return eyed
The state-owned lender is reportedly considering asking for permission to restart dividends after making progress in resolving legacy issues and returning to an annual profit
Archive
Quiet week seen following UK bank holiday, with any dividend news from RBS's AGM the main interest
Week Ahead also includes full-year results from platinum refiner Johnson Matthey PLC, transport operator Firstgroup PLC, and discount retailer B&M European Value Retail SA