The result season has gained momentum and now all eyes turn to Lloyds and RBS. Next week these two part-nationalised banks will take their turn in the spotlight as they will announce their annual results.
Barclays has already announced its annual financial result and there has been hike in its net profit. It has said that the annual net profit of the firm has gone up by 32%.
Project Merlin, has been finally joined in by the four largest banks in UK. These are the HSBC, Barclays, RBS and Lloyds and the information was given by George Osborne to the House of the Commons.
If the project is able to rebuild the bank's relationship with the society, then its objective will be solved and that it is certainly going to be a good news. But there are stipulations in it that may make it unattractive.
The managers of government stake in big banks like RBS and Lloyds have defended the structure of the banks and has shown its disregard for breaking them into separate entities of retail and investment arm.
Chairman of UK Financial Investments, Sir David Cooksey has argued and said that if these two banks are broken down then that would greatly destroy their value.
The institute is the one that handles government's shares to the lenders. He has clearly shown his rejection to the argument that calls for these units to be broken down into retail and investment.
HSBC Holdings Plc and Lloyds Banking Group Plc are reported to formally sign a tax avoidance code of the British government. The government’s code of conduct on tax avoidance is aimed to keep an eye to prevent the exchequer being deprivedof billions of pounds of tax revenue by the City.
The code was first published in June 2009.
The banks is claimed to be in plans to undergo the code much before the deadline, which is due to expire in November. As per the sources, however, Britain’s biggest government-controlled bank, the Royal Bank of Scotland Group Plc has already signed the code.
Lloyds of London, which is the leading insurance market, is planning to use Apple iPads for doing its business and shed their age-old method of doing the business on papers.
Each day, lots of brokers gather on the Lloyds building in the City of London with their detailed report of the risks, for which they want to buy cover.
They have to stand in long queues in order to meet with an underwriter and consult the paperwork that they bring along with them.
They go to every underwriter’s box in order to convince many insurers to give a share of protection for their desired clients.
Four major UK lenders viz. Barclays, HSBC, Lloyds and RBS swung back to profits during the first half of this year.
Results for the period of January to June showed profits surging, provisions for bad debts declining and balance sheets in healthier state.
Barclays reported a whopping increase of 44 per cent in pre-profits to £3.9 billion first half of 2010, while HSBC posted a mammoth 121 per cent jump in profits.
Taxpayer-supported Lloyds Banking Group which is projected to divulge a obvious turnaround in half-year outcomes on Wednesday.
Further the city veteran’s predict Lloyds shall report interim pre-tax profits amounting of more than £800 million in a rebound from the £4 billion in fatalities witnessed a year prior since the HBOS conquest left it with enormous bad debts.
However the Lloyds which is been owned 41% by the Government, is expected to face inspection over its business lending aims between the mounting political pressure.
Royal Bank of Scotland and Lloyds Banking Group made one in six of their employees redundant during a period of last 12 months, a report published in the Sunday Herald revealed.
Revealed figures showed that RBS and Lloyds collectively hacked more than 7000 during the last one-year period in a bid to cut costs.
The two Edinburgh-based banking giants had a workforce of 43,600 people in the first quarter of 2009. But, the number of employees was slashed 17 per cent to 36,300 by the end of first quarter of this year.
The financial institution Lloyd's group was demure yesterday related to the impact led on Scotland. However there are some IT and operations jobs which vanished in Edinburgh and a same number are getting relocated to the bank's sites at Rosyth and Dunfermline in Fife, as it has been found that the overall effect is unbiased contrasted downbeat with England.
Amidst the fugitive attempt of Halifax, the group survived the huge job slash declared by the Lloyds Banking Group today.
When the fear is hovering over the insurance division that could hit hard in Copley, the tensed staff and the team has also been duly invited in the meeting this morning to check out the latest validation programme.
The bank has decided to chop off 1,850 jobs in its retail, insurance and operations sectors however less than 12 jobs may slip in Halifax.
Shareholders in Lloyds Banking Group approved the controversial executive remuneration report by 91.47 per cent to 8.53 per cent at group’s annual general meeting that took place on Thursday in Edinburg.
Group’s chief executive Eric Daniels relinquished £2.3 million in bonus following criticism from investors as the state-backed lender slumped into the red by £6.3 billion.
But, lender’s three other senior directors viz. Tim Tookey, Truett Tate and Helen Weir pocketed bonuses of more than £1 million each.
Eric Daniels, the chief executive of bailed out bank Lloyds, could potentially receive more than £6 million in pay and perks, despite the fact that the lender is still backed by the taxpayer.
Mr. Daniels has been awarded a series of potentially lucrative share awards worth around 5.1 million on top of his £1.1 million salary and other perks.
However, the shares have been linked to the performance of the lender in the coming years.
Lloyds Banking Group revealed yesterday that it will return to form making profits again this year after taking strict cost-cutting measures and making improvements in its bad debt rates.
Owing to the sudden announcement, shares in Lloyds Banking Group soared 8%, and racked up almost £3.5 billion in the stock market value of the company.
An investigation has been started after a woman was refused contraceptive pill because it was against the pharmacist's religion to issue them.
A female chemist at Lloyds pharmacy in Duke Street, Sheffield, denied Janine Deeley, 38, her routine prescription of the medicine.
The female took Deeley, mother-of-two, into a private area and told that she would not be given the pills on religious grounds but she could come back the next day to buy them, when a different pharmacist was working.
Eric Daniels, the chief executive of at Lloyds Banking Group, has become the latest UK bank executive to sacrifice his bonus entitlement for 2009.
Mr. Daniels was entitled to a maximum of 2.25 million pounds in bonus for last year.
Pressure was growing pressure on Mr. Daniels to sacrifice his bonus entitlement after rival banking giant Royal Bank of Scotland’s chief executive Stephen Hester announced that he would not take bonus payout worth 1.6 million pounds.