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LYG

Lloyds Banking Group plc

5/19/2013, 9:30 AM ET

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Friday, May 17, 5:56 AM UBS upgrades global financials to Overweight from Underweight on a healing global economy, rebuilt capital, and the sector's shift "from being a net issuer to a net distributor of cash." Furthermore, the U.S. banking sector (XLF) is taken to Overweight as balance sheet strength and attractive valuations play well with the housing market recovery to create compelling opportunities. European banks (EUFN) are lifted to Neutral "with a preference towards Nordic and U.K. banks." Financials respond in London with LLoyds Banking Group (LYG) +2.3%, Royal Bank of Scotland (RBS) +3.3%, and Barclays (BCS) up 0.5%. 5 Comments [Financials, Global & FX]
Thursday, May 16, 9:50 AM Lloyds (LYG +1.2%) expects to return to full-year profitability in 2013, says CEO Antonio Horta-Osorio at the annual meeting, thus allowing the government to being selling its 39% stake in the bank. Profits tripled in Q1 from a year ago, as massive reserves against loan losses continued to flow off the balance sheet and onto the income statement. Comment! [Financials]
Monday, May 13, 10:49 AM Lloyds (LYG -1.8%) Chairman Win Bischoff announces his retirement as soon as a successor can be found. Bischoff took the job in 2009 (he had previously been Citi chairman) and says the bank has rebounded enough from the financial crisis to allow him to move on. Comment! [Financials]
Friday, May 10, 7:53 AM Bailout worries are stoked after the CEO of the U.K.'s Co-operative Banking Group steps down following its downgrade to junk status by Moody's. The moves come less than a month after Co-op pulled out of a deal to buy 632 branches from Lloyds (LYG). Co-op isn't a huge player in U.K. banking, but its issues highlight the continued "perceived frailty" of the system. Comment! [Financials]
Tuesday, April 30, 4:03 AM Lloyds Banking Group (LYG): Q1 pretax profit of £1.48B beats by £0.45B. Loss provisions fell 40% to £1B, and Lloyds said they will decline throughout the year. Lloyds also committed to £200M of cost cuts in 2013. Shares +3.85% in London. (PR, Bloomberg) Comment! [Financials, Breaking News, Earnings, On the Move]
Thursday, April 25, 12:46 PM Jim O'Neill - the man in charge of the U.K.'s stakes in RBS and LYG - resigns today to return to BAML. It's taking longer than hoped to unload the government stakes (82% RBS, 40% Lloyds) as HMT ignores the well-heeled rule of trimming losers. However, political pressure for some sort of plan - maybe a breakup of the lenders or distribution of shares to the public - has been upped of late. 2 Comments [Financials]
Wednesday, April 24, 7:15 AM Lloyds (LYG) plans an IPO to sell 632 branches after Co-Operative Bank pulled out of its agreement to buy them. Co-Op had been struggling to close the $1.4B since last summer as regulators were concerned over capital issues and that its managers didn't have the experience to run the operation. Lloyds will likely need an extension of its November deadline to divest of the branches - a condition of state-aid it received in 2008. Comment! [Financials]
Monday, April 22, 5:00 PM Lloyds (LYG) looks to sell more of what not long ago was $6B of shipping loans, shopping a $609M portfolio, reports the WSJ. Hedge funds and P-E firms have been stepping in as European banks step back from the shipping sector. Lloyds unloaded its last chunk of shipping loans - $750M worth - to Oaktree Capital (OAK) late last year. Comment! [Financials]
Friday, April 19, 8:50 AM Lloyds (LYG) reportedly hires Deutsche Bank to advise on a sale of fund-management unti Scottish Widows Investment. The sluggish low-margin business is a drag on Lloyds - which needs to raise capital and pay off bailout loans - but would be of great value to a buyer with scale like BlackRock (BLK). Comment! [Financials]
Thursday, March 28, 9:21 AM The "generous" capital ratio imposed by the Bank of England - 7% by 2013's end vs. 10% in 2019 by Basel - may allow the country's lenders to avoid dilutive share shales. "There is no trigger for any fresh equity issuance," says analyst Ian Gordon, expecting "very limited" impact on existing capital plans. RBS -0.7%, LYG +0.7%, BCS +1.8%, HBC +1% premarket. Comment! [Financials]
Wednesday, March 27, 6:15 AM While the FTSE and the pound dropped after the BOE's statement about the capital shortfall of British banks, Barclays (BCS) is +1.5% in London, Lloyds (LYG) +2.8% and RBS +0.5%. However, HSBC is -0.2%. 1 Comment [Financials, On the Move, Global & FX, Top Stories]
Wednesday, March 27, 6:09 AM Various markets dive after the BOE spells out the continued massive risks to British banks. Half of the £25B that banks must raise this year has been factored into their capital-raising plans. All in all, major banks and building societies face a £50B reduction in their regulatory capital, although HSBC (HBC) doesn't face a shortfall. FTSE 100 -0.1%, S&P futures -0.2%. (PR) 1 Comment [Financials, Top Stories, On the Move, Global & FX]
Wednesday, March 27, 5:48 AM The Bank of England says U.K. banks must raise another £25B by the year-end to protect themselves against potential losses. The losses that the sector faces over three years on high-risk loans exceeds existing provisions by £30B; banks also face £10B of additional fines and costs for misconduct. (PR) 5 Comments [Breaking News, Global & FX, Financials]
Tuesday, March 19, 7:59 AM Lloyds (LYG) unloads more noncore assets, selling its stake in U.K. homebuilder CALA Group to Legal & General Group for €210M. Comment! [Financials]
Thursday, March 14, 3:36 AM Credit Suisse (CS) has settled a lawsuit with the bondholders of National Century Financial Enterprises, which collapsed in 2002 in a $2.9B fraud, in a deal that will cut 134M Swiss francs ($141M) from the bank's Q4 net profit. The investors - the state of Arizona, AllianceBernstein (AB), Lloyds (LYG), MetLife (MET) and Pimco - argued that as placement agent, CS should have known about the fraud. (previous) 1 Comment [Financials]
Tuesday, March 12, 7:26 AM Lloyds (LYG) records a gain of $596M from the sale of a portion of its stake in St. Jame's Place. It's a minor amount, but about a 20 basis point boost to its capital ratio (was 12% at year's end) nevertheless. Like U.S. banks, Lloyds is trying to convince regulators it has the strength to resume dividends and aggressive lending. Shares +1% premarket. Comment! [Financials]

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