LONDON (Alliance News) - The UK's largest banks will set aside more money to cover the cost of the payment protection insurance mis-selling scandal, Sky News reported on Saturday, citing insiders.
Barclays PLC, HSBC Holdings PLC, Lloyds Banking Group PLC, Royal Bank of Scotland Group PLC and Santander UK are likely to reveal a combined bill of at least GBP5.0 billion when they report earnings for 2015, the report said. The bank will report their earnings starting next month.
A new provision of that size would move the total cost of the scandal north of GBP30.0 billion.
On Monday, shares in Barclays were down 2.4%. HSBC was down 0.8%, Lloyds down 3.4%, and RBS down 2.4%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Barclays (BARC)
Lloyds (LLOY)
HSBC Holdings (HSBA)
