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Stock Market & Financial Investment News

News Breaks
February 24, 2012
05:38 EDTLYGLloyds expects external environment to remain challenging in 2012
Remains confident that medium-term financial targets, as set out in its June 2011 Strategic Review are achievable over time. Lloyds says as anticipated, it now expects the attainment of income related targets, including for other operating income, to be delayed beyond 2014 as a result of the weaker than expected economic outlook. As a consequence, also expects the attainment of its return on equity target to be delayed beyond 2014. Given expectation of further deposit growth, expect to reach medium-term Group loan-to-deposit ratio target of 130% or below by the end of 2012, two years ahead of plan. For 2012, Lloyds expects income to be lower than 2011 given the economic outlook, further non-core asset reductions, subdued demand in the core loan book, higher wholesale funding costs, and interest rates likely to remain at low levels for longer. Also sees full year banking net interest margin to be below 2% in 2012, falling year-on-year by approximately the same amount in 2012 as in 2011, primarily driven by continuing high wholesale funding costs.
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July 28, 2014
08:41 EDTLYGLloyds confirms settlements totalling GBP218M to resolve LIBOR charges
Lloyds Banking announces that it has reached settlements totalling GBP218M to resolve with U.K. and U.S. federal authorities legacy issues regarding the manipulation several years ago of Group companies' submissions to the British Bankers' Association London Interbank Offered Rate and Sterling Repo Rate. "The Group condemns the actions of the individuals responsible for the conduct in question, which it regards as totally unacceptable and unrepresentative of the cultural changes that the Group has implemented. The actions will be deplored by all employees. The manipulation of submissions covered by the settlements took place between May 2006 and 2009 and the individuals involved have either left the Group, been suspended or are subject to disciplinary proceedings. The Group's Board will now consider all the remuneration implications and potential actions available to it. The issues subject to the settlements were restricted to a specific area of the business and were not known about or condoned by the senior management of the Group at that time. In March 2011, Lloyds Banking Group's management proactively strengthened the systems and controls governing its LIBOR submissions. The Group further supplemented these systems and controls following the publication of the Wheatley Review," Lloyds stated.
08:38 EDTLYGLloyds agrees to settlements with CFTC, DOJ, FCA over LIBOR rigging charges
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06:12 EDTLYGLloyds to probe 15 staff members over Libor rigging accusations, Daily Mail says
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July 27, 2014
16:03 EDTLYGUK's stake in Lloyds Banking may be sold as early as October, Mail Online says
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July 25, 2014
06:40 EDTLYGLoan write down standards changed for non-U.S. banks, NY Times says
A new accounting rule will enable banks outside of the U.S. to write down the value of loans earlier but could cause loans to become less attractive for those banks, according to The New York Times. The rule was issued by the International Accounting Standards Board, whose guidelines are followed in more than 100 countries but not in America, the newspaper stated. Publicly traded European banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), Royal Bank of Scotland (RBS) and UBS (UBS).Reference Link
06:03 EDTLYGLloyds confirms late stage settlement discussions with agencies
Lloyds Banking Group notes the recent media coverage regarding potential settlements with a number of government agencies and their investigations into submissions, communications and procedures around the setting of Interbank Offered Rates and other benchmarks. LBG confirms that it is in late-stage settlement discussions with a number of agencies. The settlements remain to be agreed and LBG expects they will include the payment of penalties. LBG will update the market on these issues as appropriate.
July 24, 2014
15:00 EDTLYGLloyds to announce Libor fines of up to GBP300M next week, FT says
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