AntĂłnio Horta-OsĂłrio21 Feb 2020 08:27
thetimes.co.uk
Lloyds boss unseated by runaway PPI
Alistair Osborne
1 minute
Not all chief executives live up to the company motto. But that’s what makes António Horta-Osório different. The Lloyds Banking Group boss has been “Helping Britain Prosper” for nine years — as the inventor of “people’s QE”.
It’s what’s otherwise known as the annual “charge” for PPI mis-selling: an activity at which Lloyds excelled, at least to judge by the near £22 billion the bank’s doled out so far, including a well-flagged £2.45 billion at the latest full-year results. Across Britain’s banks the tally tops £50 billion, recycled into new cars, kitchens, holidays, endless stuff. It’s created new jobs, too — in claims management companies. In short, a roaring success all round.
https://www.thetimes.co.uk/article/lloyds-boss-unseated-by-runaway-ppi-g95gmt0hn