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Lloyds Banking Group PLC (LLOY.L)

LLOY.L on London Stock Exchange

2 Dec 2016
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Latest Key Developments (Source: Significant Developments)

Lloyds warns capital generation may be lower in future years
Thursday, 28 Jul 2016 02:13am EDT 

Lloyds Banking Group Plc : Operating costs 3 per cent lower at £4.0 billion driven by acceleration of cost initiatives. Market-Leading cost:income ratio improved to 47.8 per cent . Outlook for UK economy is uncertain and, while precise impact is dependent upon a number of factors, including eu negotiations and political and economic events, a deceleration of growth seems likely . Impact on group of referendum is dependent on economic and political outcomes which remain uncertain, however we now expect to generate around 160 basis points of cet1 capital in 2016 pre dividend . It is possible that this capital generation may be somewhat lower in future years than previously guided . We expect clarity soon on fca consultation into a proposed time-bar for ppi complaints . In addition, we are targeting a c.30 per cent reduction in our non- branch property portfolio by end of 2018. . Underlying profit of £4.2 billion was 5 per cent lower than same period last year . In 2016 we now expect to generate around 160 basis points of cet1 capital pre dividend, due to impact of eu referendum . No further provision has been taken for ppi . Impaired loans at 30 june 2016 were £9.3 billion, 2.0 per cent of total loans . There was a charge of £460 million to cover a range of conduct issues of which £345 million was recognised in q2..  Full Article

Lloyds Banking Group says $629.8 million of notes tendered
Thursday, 23 Jun 2016 07:11am EDT 

Lloyds Banking Group Plc :$629.8 million in aggregate principal notes were validly tendered; accepted all notes that were validly tendered.  Full Article

Lloyds Banking Group says UK's court rules in favour of co in bond dispute case
Thursday, 16 Jun 2016 05:03am EDT 

Lloyds Banking Group Plc : Enhanced capital notes - Supreme Court decision . Court held that a Capital Disqualification Event (CDE), as defined in conditions of ECNS, has occurred .Supreme court has today handed down its decision in respect of interpretation of certain terms of Enhanced Capital Notes (ECNS)and found in group's favour.  Full Article

Lloyds Banking Group PLC to cut 1,755 jobs and close 29 branches - Guardian - Reuters
Wednesday, 3 Feb 2016 04:34am EST 

Lloyds Banking Group PLC:Lloyds Banking Group is cutting 1,755 jobs and closing 29 branches as part of a plan by its chief executive, António Horta-Osório, to cut costs as he prepares the bank for privatisation. - Guardian.Staff at Britain’s biggest retail bank were told about the job losses, which cover large parts of the group, on Wednesday, but union officials said they hoped that the reductions could be achieved by voluntary means - Guardian - Guardian.The posts that are being axed are part of the 9,000 job cuts announced by Horta-Osório in 2014, when he said that a need to “digitise” the business would also result in the closure of 200 branches - Guardian.According to officials at the Accord union, which has 23,000 members, about 60% of those cuts have now been announced - Guardian.Lloyds, which operates under a number of brands, will close 19 Lloyds, seven Bank of Scotland and three Halifax branches in June. The bank employs about 77,000 people and has more than 2,000 branches - Guardian.  Full Article

Lloyds Banking Group PLC - UK watchdog looks at alleged bond market rigging at Lloyds bank -source - Reuters
Thursday, 7 Jan 2016 12:33am EST 

Lloyds Banking Group PLC:Britain's Financial Conduct Authority has begun a preliminary investigation into whether a trader at Lloyds Banking Group tried to manipulate the market for UK government bonds, a source familiar with the matter said. - RTRS.Spokespeople at Lloyds, still 9 percent-owned by the British taxpayer, declined to answer questions on whether there was a probe or on the number of staff linked to any such investigation. - RTRS.News of the probe comes as a blow to Britain's biggest provider of current accounts and mortgages, which has invested millions of pounds in rebuilding its reputation among customers since its 20.5 billion pound ($29.9 bln) bailout in 2008 - RTRS.It also casts a pall over final preparations by Britain's finance ministry to sell its remaining stake via a widely anticipated share offer to the general public this year. - RTRS.The government said in October it would sell at least 2 billion pounds of Lloyds shares to private retail investors in one of the largest privatisations of a state-backed company since the 1980s. - RTRS.The Wall Street Journal first reported the investigation into possible gilts market manipulation on Wednesday. - RTRS.  Full Article

Lloyds Banking Group PLC to cut 945 jobs as part of 3-year restructuring plan - Reuters
Thursday, 26 Nov 2015 03:18am EST 

Lloyds Banking Group PLC:Taxpayer-backed Lloyds Banking Group said on Thursday it was cutting around 945 jobs in a restructuring plan first outlined a year ago with the aim of reducing the bank's workforce by 9,000 - RTRS.The staff affected are currently employed within the bank's retail, commercial banking and consumer finance teams, and in several back office divisions, the bank said - RTRS.Europe's second-biggest bank by market value said it planned to cut around 9,000 roles - roughly 10 percent of its workforce - RTRS."The group's policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group," the bank said in a statement. - RTRS."Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort." - RTRS.Rob MacGregor, Unite's National Officer for Finance, said the bank had committed to providing alternative jobs, voluntary redundancy and voluntary job swapping to those employees affected where possible - RTRS.  Full Article

Lloyds Banking Group PLC to axe 1000 jobs in latest bank cull - Sky News, citing sources - Reuters
Wednesday, 25 Nov 2015 08:49am EST 

Lloyds Banking Group PLC:To axe 1000 jobs in latest bank cull - sky news, citing sources.Will unveil plans to cut another 1000 jobs on Thursday in the latest phase of the state-backed lender's restructuring - sky news.  Full Article

Lloyds Banking Group PLC fails to remove key allegation in HBOS pre-trial hearing - Reuters
Friday, 23 Oct 2015 05:26am EDT 

Lloyds Banking Group PLC:Lloyds Banking Group PLC has failed in an attempt to strike out a key allegation by a group of investors, suing it for allegedly misleading them in the run-up to its acquisition of Halifax Bank of Scotland (HBOS) in January 2009 - RTRS.The Lloyds Shareholder Action Group, including 5,700 private investors and 300 financial institutions such as pension funds and insurers, is seeking damages of 350 million pounds ($546 mln), according to legal sources - RTRS.At a pre-trial hearing on Friday, Judge Christopher Nugee rejected Lloyds' assertion that a shareholders' allegation was "fanciful", and should not feature in the trial, that it would not have needed to raise extra capital had it not acquired HBOS - RTRS.The claimants, represented by law firm Harcus Sinclair, say the allegation is supported by a comment made by former Lloyds Chief Executive Eric Daniels to a committee of legislators in February 2009 - RTRS.Daniels told parliament's Treasury Select Committee Lloyds would not have needed to take government money if it had not acquired HBOS during the 2007-09 financial crisis - RTRS.The ruling will be welcomed by investors who have joined forces to sue Britain's biggest retail bank and five of its former executives, alleging the true financial position of HBOS was kept from them at the time of the deal - RTRS.  Full Article

Whistleblower letter backs Lloyds Banking Group PLC investor claims over HBOS purchase - lawyers - Reuters
Wednesday, 21 Oct 2015 10:09am EDT 

Lloyds Banking Group PLC:A whistleblower has written to a group of investors suing British bank Lloyds , alleging that senior managers were aware they were over-paying for failing rival HBOS in 2008, lawyers for the investors say in a court document - RTRS.The lawyers for the 6,000 investor group, which alleges it was misled over the ill-fated deal they say wiped billions off the value of their shares, said in the document that they received the letter on Oct. 6 from a "concerned member of staff" - RTRS.The identity of the author was not disclosed in the document, which was seen by Reuters, and a spokesman for the Financial Conduct Authority said strict processes surrounding whistleblower allegations meant the regulator was unable to disclose any details - RTRS.The letter was quoted in the document and discussed in a High Court pre-trial hearing on Wednesday - RTRS.In it, the staff member alleged that an expert senior structured products manager, who carried out due diligence on HBOS before the purchase by Lloyds, told the board that buying HBOS for one pound would be "overpaying by 99p" - RTRS.Lloyds went on to value HBOS at around 5.9 billion pounds and bought the mortgage lender in a government-engineered deal - RTRS.But it was subsequently bailed out with 20.5 billion pounds ($32 billion) of taxpayer money and remains 11 percent state-owned - RTRS.The shareholder group is seeking damages of 350 million pounds, according to legal sources - RTRS.  Full Article

Lloyds Banking Group PLC announces interim dividend
Friday, 31 Jul 2015 02:01am EDT 

Lloyds Banking Group PLC:Announcing an interim dividend of 0.75 pence per share.We expect ordinary dividends to increase over medium term with dividend payout ratio of at least 50 per cent of sustainable earnings.  Full Article

UPDATE 1-British taxpayers face 27 bln pound loss from bank bailout

* Graphic: UK bank share prices http://reut.rs/1UxEalf (Adds details on taxpayer potential losses)