Bear in mind that the banks talk about the "Money set aside for PPI claims". Not all of it will be spent as the PPI fest is now dying off. I know this as I used to get umpteen calls every week from shyster lawyers who wanted to fabricate a PPI claim for me. That has now stopped and because I was in the Petro-chemical industry I now get regular calls (probably from the same crooks) wanting me to put in a claim for loss of hearing due to high noise levels. I've told them that I'm a married man and therefore love being deaf.
Like you I trade this all of the time on the regular cycles. However, I'm not selling yet as I think this will take a bit of a hop up when the dust settles and all of those who gable on spread bets and those who bought on credit prior to the results have dropped out. We should then see the institutional investors start to load up and I'll be back onto the regular buy/sell routine.
<b>Lloyds pays boss £11.5m and resumes dividend after six years</b>
António Horta-Osório’s pay deal revealed as Lloyds Banking Group announces plans to pay its first shareholder dividend since its bailout in 2008........
The boss of Lloyds Banking Group has been handed a £11.5m pay deal as the bank resumed dividend payments to shareholders for the first time since its government bailout in 2008.
António Horta-Osório’s pay deal forms part of £30m in bonus payouts for the top management team which he installed after taking the helm in 2011.
After Lloyds’ rescue of HBOS in 2008 the bank has the largest private shareholder base in the UK, totalling 2.7m, and will now pay a dividend of 0.75p a share for 2014, worth £535m.
Profits rose fourfold to £1.8bn and included a further £700m provision for payment protection insurance (PPI), taking its total bill for the mis-selling scandal to more than £12bn, and the £217m fine for rigging Libor imposed last year.
Government sells £500m of Lloyds shares in key week for bailed-out bank Read more Dividend payments were blocked by the EU under the terms of its bailout and payments will now be handed to its legions of private investors who hold the shares following the rescue of HBOS, which has its roots in the Halifax Building Society.
George Osborne, the chancellor, said: “For the first time ‎since its £20bn bailout in 2008, Lloyds bank has made a profit and will start paying a dividend to its shareholders.
“This is good news not only for taxpayers, who will get at least another £100m from the dividend, but also for millions of savers who hold Lloyds shares or have money invested in Lloyds through their pensions.”
Horta-Osório defended the bonus payouts by saying the value of the bank had tripled since they were awarded in March 2012 and were linked to performance to the end of 2014. Shares were valued at 34.7p each when bonuses were awarded to 800 staff across Lloyds but are now worth more than 78p.
He acknowledged it was a large sum but said he hoped it would be judged on performance.
The Lloyds chairman Lord Blackwell said: “The awards announced today properly recognise the tremendous achievements over the last few years to transform the business whilst taking account of past shortfalls in business conduct.”
John Cridland, boss of the employers’ body the CBI, agreed. “The CBI has been clear that rewards for failure are unacceptable but legitimate financial rewards for success should not be vilified.”
Horta-Osório has embarked on the second of his three-year plans for the bank, which includes axing 9,000 jobs and closing 200 branches. Around 15,000 roles were lost under his first strategic plan, undertaken when the eurozone was in deep trouble and when, he said, the bank faced an &
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