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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.’


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


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. […]


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