Lloyds Banking Group, produced by the merger of Lloyds TSB and the Halifax banking group HBOS, is the biggest ever UK bank. The combined group, with around 145,000 staff and 3,000 branches, will control around a third of UK's mortgages and a quarter of all savings. The government owns 43.4% of Lloyds Banking Group, 36% are owned by Lloyds TSB shareholders and 20% by HBOS shareholders.
What happens Monday 27th to the SP? It's the day before a likely divi announcement so you might expect a rise in anticipation but the Euro bank stress test results across the Zone are to be announced on Sunday 26th with one in ten banks likely to fail and deemed to be in need of recapitalisation. Doesn't directly effect Uk banks but there is likely to be contagion if results worse an expected. Market will be between a rock and a hard place. Then when will the discounted city sale take place - presumably as soon after the 28th as the shares rise high enough so they can be sold at a discount at 75ish, the treasury desired price level. My guess the strategy document will announce a divi and also predict the divi for next year which should do the trick.
RE: Lloyds preview 28th
Weird,. Why is this announcement being made now. Was it an intended leal or was there a mole in the company. Usually theee cost saving measures receive a positive respons but with Wall St down and bad news out of Canada, not sure what the response will be.
2% off in the US at the close.
Rest of article
But the UK taxpayer still owns 25 per cent of Lloyds and it is expected to make a pledge to maintain much of its branch network, while reducing the number of staff who work in each branch and cutting back its call-centre operations. Footfall in UK bank branches is falling by about 10 per cent a year, according to the British Bankers’ Association, while the number of transactions carried out on mobile applications doubled last year. In addition, bank call centres suffered a drop in volumes of more than a quarter last year. As well as cutting costs, Lloyds is likely to stress plans to grow in areas where it feels it punches below its weight, including car financing, small business lending and insurance. In its last strategic plan three years ago, Lloyds announced 15,000 job cuts, which came on top of the 28,000 already made since the ill-fated acquisition of HBOS in 2008.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.