View more on these topics

Lloyds reports £3.3bn loss after PPI costs

Lloyds Banking Group recorded a £3.3bn loss in the first half of 2011 after compensating customers who were mis-sold payment protection insurance.

Lloyds announced in May that it set aside £3.2bn for the provision of PPI compensation. The £3.3bn loss compares to the £1.3bn profit the high street bank made in the first half of 2010.

In June,  Lloyds announced that it was to cut 15,000 jobs in a bid to return to profitability. The job losses are part of package of cuts aimed at saving £1.5bn by 2014. The bank is also in talks to sell 632 of its branches as part of an agreement with EU regulators.

Lloyds chief executive Antonio Horta Osorio says: “‘We delivered a resilient first half performance, despite the ongoing challenges of economic and regulatory uncertainty, and have made substantial progress in restructuring and de-risking the Group. I expect the actions we are taking, as detailed in our Strategic Review announcement, to enable us to create a high performance organisation over time and deliver the best from our franchise for both our customers and our shareholders.’

Recommended

Coventry increases gross lending by 19%

Coventry Building Society advanced £1.9bn to its mortgage customers in the first half of the year, which is a 19 per cent increase on the £1.6bn advanced in the same period last year. The growth in gross mortgage lending means CBS now represents 3 per cent of all mortgage lending and around 19 per cent […]

Police drop investigation into ex-SJP adviser

City of London Police will take no further action against former St James’s Place adviser Peter Carron after dropping its investigation into alleged fraudulent use of over £4m of client funds. Carron advised SJP clients to invest in his firms Primrose Associates, Comment Technologies and Evaluate Technologies. The firms were put into liquidation last year […]

Putting the boot in

Chris Wyllie, chief investment officer of Iveagh Private Investment House, believes there is a solution to the European debt crisis but the second Greek stabilisation package is evidence that the EU is merely kicking the can down the road

10

A week of heavy falls for the FTSE 100

The FTSE 100 fell nearly 3 per cent today as concerns continued to escalate over the eurozone debt crisis and the strength of the US economic recovery. The blue-chip index fell sharply in early trades losing as much as 3.5 per cent by 8.40am, only to rebound after US unemployment figures were better than expected. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com