Lloyds Banking Group plcNYSE
Wed, Nov. 30, 2:28 AM
- After failing multiple hurdles in the Bank of England's toughest-ever stress test, Royal Bank of Scotland (NYSE:RBS) has bolstered its capital plan.
- Some "capital inadequacies" were revealed at two other banks, Barclays (NYSE:BCS) and Standard Chartered (OTCPK:SCBFF), though neither was required to submit a revised plan.
- The test also covered HSBC, Lloyds (NYSE:LYG), Nationwide and Banco Santander UK (NYSE:SAN).
Wed, Nov. 9, 4:19 AM
- Donald Trump's victory throws into question the core assumption the Fed will raise interest rates soon and follow with further gradual hikes over coming years.
- Banks are struggling on the news. Fed Funds futures are now pricing in less than a 50% chance of a December move and the ECB is likely to interpret the uncertainty with stimulus and lower rates for longer.
- Premarket movement: GS -8.3%, WFC -3.5%, C -3.2%, BAC -2.4%, CS -2.3% JPM -2.2%, LYG -1.8%, HSBC -1.7%, USB -1.4%, BCS -1.5%, ING -0.6%, MS, DB, RBS, UBS
Thu, Nov. 3, 10:35 AM
- The U.K. High Court today threw a wrench in the government's hope for a "hard Brexit," ruling Parliament must approve the invocation of Article 50. In addition, fears of earnings-crushing negative rates are brushed aside as the Bank of England shifts its focus from growth worry to the risk of too-high inflation.
- The advance for the banks today is especially notable given the 0.5% decline in the FTSE 100.
- Royal Bank of Scotland (RBS +6.5%), Barclays (BCS +4.1%), HSBC (HSBC +0.6%), Lloyds (LYG +3.8%), Standard Chartered (OTCPK:SCBFF +1.1%)
Thu, Oct. 27, 8:17 AM
Wed, Oct. 26, 10:32 AM
- The bank this morning reported a 68% profit decline in Q3 to £219M, but its capital ratio rose, and analysts are divided.
- Citi calls the capital numbers questionable and says results overall were disappointing. The team says the CET1 number (13.4% from 13%) was boosted by a change in how gilts are held in the liquidity portfolio, and calculates underlying pretax profit of £1.9B as missing estimates by 9%.
- Shore capital says underlying results were "broadly as expected."
- UBS, meanwhile, calls the quarter a 2% beat, with impairments being 18% less than its team expected. The CET1 ratio also beat their estimates, but, like Citi, says it was due to the gilt liquidity portfolio.
- Jefferies says the quarter builds confidence, and notes net interest income outperformed expectations, and full-year NII guidance was reiterated.
- Down nearly 4% in London action earlier, Lloyds (NYSE:LYG) is now higher by 0.3%.
- The ADRs here are up 1.1%.
Wed, Oct. 26, 3:49 AM
- Nintendo (OTCPK:NTDOY) revealed an operating loss of ¥5.95B in the period from March to September, while lowering its outlook and dividend.
- A hard landing! Airbus (OTCPK:EADSY) missed forecasts on supply chain issues, but the aircraft maker maintained its full year guidance.
- Brazil provided some bright side for Santander (NYSE:SAN) as a pick-up in performance lifted earnings above expectations, offsetting Brexit concerns.
- Provisions ate into the quarterly profit at Lloyds (NYSE:LYG), as the bank set aside another £1B to pay compensation for mis-sold payment protection insurance.
- Bayer (OTCPK:BAYRY) raised guidance for the full year on strong pharma results in its first quarterly scorecard since securing the Monsanto merger.
Wed, Oct. 12, 10:44 AM
- Lloyds Banking (LYG -0.3%) says it is cutting 1,230 jobs from its banking operations, retail, customer products and marketing, finance and risk divisions, BBC reports.
- LYG, which employs ~74K in total, says it plans to create 110 new roles and seeks to move some people to other positions.
- The cuts are part of the 9K job eliminations the bank first announced in October 2014.
Fri, Oct. 7, 1:01 PM
Fri, Oct. 7, 9:14 AM
Mon, Sep. 26, 7:09 AM
Wed, Aug. 24, 7:29 AM
- Lloyds Bank (LYG +3.6%) CEO Antonio Horta-Osorio plans to stay in his job despite a tabloid newspaper reporting earlier this month that the married executive ran up a £3,826 ($4,962) hotel bill while spending time with another woman.
- The article in The Sun alleged that Horta-Osorio improperly claimed the spending as a business expense, although he told staff in a memo that Lloyds has cleared him of wrongdoing.
Mon, Aug. 8, 9:13 AM
- Investors are likely to be denied the chance of buying shares in Lloyds (NYSE:LYG) at a discount as the U.K. government is expected to abandon its plan in the aftermath of market uncertainty caused by Brexit, The Times reports.
- The Treasury, which currently owns 9% of the lender, would suffer steep losses if it carried out the stock sale after a share price slump following the June 23 referendum.
Fri, Jul. 29, 5:39 PM
Thu, Jul. 28, 9:05 AM
Thu, Jul. 28, 4:19 AM
- In a bid to stave off a Brexit-induced earnings slump, Lloyds (NYSE:LYG) announced plans to cut 3,000 more jobs and £400M of annual expenses, after seeing pretax profit fall to £4.16B in the first half of 2016.
- The news adds to a mixed picture for U.K. business following the EU referendum on June 23.
- McDonald's said Wednesday it would create 5,000 new British jobs by the end of 2017, while GlaxoSmithKline vowed to boost investment.
Mon, Jul. 11, 9:15 AM