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Investec has downgraded its recommendation for Lloyds Banking Group from 'hold' to 'sell' and left its target price at 50p following the bank's first-quarter results this week. Analyst Ian Gordon said that after an exceptionals-enhanced attributable profit of £1.5bn in the first three months of the
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By Chris Vellacott LONDON, May 2 (Reuters) - British life insurer Legal & General outpaced expectations on sales and cash generation in the first quarter of 2012 as its products were snapped up investors and ageing savers putting more aside for retirement. The firm said in a trading s
Read moreInvestec has downgraded its recommendation for Lloyds Banking Group from 'hold' to 'sell' and left its target price at 50p following the bank's first-quarter results this week. "After many happy hours tinkering with our forecasts, our view remains substantially unchanged," said analyst Ian Gordon.
Read moreThe FTSE 100 was in the red in early trading on Thursday as nerves set in ahead of the all-important European Central Bank (ECB) policy decision later on. "The day of reckoning has arrived, with the market largely priced for a 25 basis-point (bp) cut in the ECB's main refinancing rate to 0.50%. The
Read moreLONDON, May 1 (Reuters) - Britain's top banking regulator defended his tough rules, saying strong capital buffers were a pre-condition for keeping the economy supplied with credit. Andrew Bailey was speaking after the UK government urged the Bank of England's risk watchdog, on which Bailey
Read moreLONDON, May 1 (Reuters) - Britain's Development Securities is in talks with banks to take over a further 500 million pounds ($778 million) of real estate loans as it bids to profit from banks' need to shed billions of bad debt. The company made 28.1 million pounds in profit from its develo
Read moreDeutsche Bank strategists back favouring the banking and financial sector, on expectations that "cyclical" stocks - those most sensitive to the state of the global economy such as banks or miners - will outperform more defensive sectors as the economic environment improves. "The European eq
Read moreApril 30 (Reuters) - The following financial services industry appointments were announced on Tuesday. To inform us of other job changes, email to moves@thomsonreuters.com. ROYAL BANK OF CANADA RBC Wealth Management, a division of Royal Bank of Canada, has hired a veteran branch manag
Read moreA disappointing reading of business activity in the States sparked a late sell-off on UK financial markets on Tuesday afternoon as traders turned nervous ahead some key risk events later this week. The Chicago purchasing managers' index (PMI), one of the leading economic indicators in the US, dropp
Read more* Bank places 90 million shares at 32.90 euros each * Says allows it to make acquisitions and win new business * Could also open door to higher dividend payments * With other measures, raises core Tier One ratio to 9.5 pct * Shares up 6 pct, hit highest in two months
Markets gave a positive reaction to first-quarter results from banking giant Lloyds, with the stock rising sharply after profits came in slightly ahead of consensus estimates and the company reduced its full-year cost guidance. Sector peer RBS was also in demand ahead of its interim management sta
Read moreCorporate earnings in London were taken well by the market on Tuesday morning with Lloyds, BP and Imperial Tobacco all on the rise, but the FTSE 100 was broadly flat by lunchtime as traders turned cautious ahead of central-bank decisions later this week. London's benchmark index has now risen by ar
Read moreLloyds' first-quarter results were modestly ahead of consensus estimates, but Nomura has maintained its 'reduce' rating for the bank, saying that the strong share-price reaction on Tuesday morning was overdone. Nomura thinks that Lloyds' cost guidance - to reduce total costs to £9.6bn this year, be
Read moreLloyds Banking Group's first-quarter profits surged as it slashed costs and reduced bad debts. The state-backed bank reported a statutory pre-tax profit of £2.04bn in the first quarter, up from £280m for the same period a year earlier. Underlying profit rocketed to £1.48bn from £497m. Total unde
Read moreLloyds' first-quarter results were modestly ahead of consensus estimates, but Nomura has maintained its 'reduce' rating for the bank, saying that the strong share-price reaction on Tuesday morning was overdone. The stock was up 4.43% at 55.87p after having hit an intraday high of 57.21p early on.
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