"(ShareCast News) - Lloyds Banking Group reports its third quarter trading update on Thursday as the bank undergoes a major restructuring. Earlier in October, the bank announced plans to slash 1,230 jobs as part of its overhaul to reduce costs and improve returns for shareholders. The lender first announced that it was cutting 9,000 jobs in October 2014.
Its third quarter update will be scrutinised closely for the progress made on the restructuring along with how well the bank has fared since the Brexit vote.
"Investors should expect to see PPI claims still being a drag while assets and the loan portfolio will still be written off," said Graham Spooner, investment research analyst at The Share Centre.
"The current state of low interest margins will hurt them more while we should expect to see further branch closures."
Deutsche Bank expects underlying pre-tax profit for the third quarter of about £2bn, little changed from the second quarter and up slightly on a year ago. Analyst David Lock has said he predicts a "relatively quiet" third quarter update.
"Credit quality appears to have been robust in third-quarter 2016, margins we expect to fall slightly quarter-on-quarter (but continue tracking to guidance of around 270 basis points (bps) for 2016), while the movement in pension deficit (and therefore equity and common equity tier one [CET1]) offers the most potential for uncertainty (a PPI charge should not be surprising given time-bar expansion".
Are you having a Laugh Zoros, there is nothing racist in my post just plain truth and if you think my comments are racist you are not living in the real world. Take a look around you every job that can be done by a labourer as we used to call a person who was without technical skills are alloted to people who will work for less than the minimum wage and are desperate to stay in the UK .I only comment on what I have seen and do not do research into other people's views that may not be thier own . You have no right to pass any judgement on my posts as they are simply your views which are way off the mark,be careful who you accuse in the future .
Hi Nucky - I go back to the days of Lloyds TSB days of £5 a share . I originally had around 14000 @ £5 or so for the good divi around 35p per share per year . Somehow after open offers / Rights issues and other dealings I have around 160 k of these . I am sure there will be many like me but maybe not many on this board . You are right about Brexit setting us back . This turmoil could last a decade to sort out . Hard to believe what we have let ourselves in for . Never mind I,m off to Malaga for a 4 night break soon to join my Euro friends .
Nucky You were lucky....MANY had no choice as PPI was mandatory for certain types of loans. IT WAS A GOOD PRODUCT...the scam was the way it was sold. As the many exclusions were never mentioned. DYOR Cheers...too late to sell now...so hope tomorrow brings happiness.
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