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I don't think we get much increase in Banks SP now until after Jeremy Hunt has clarified what his "clean slate" mini budget will be and how it will be costed. Speculation that he may lower the interest paid to Banks on their deposits held at the BOE which will reduce profits and be a drag on Banks SP. I think this eventuality has already been priced in given the fall of 14% in Lloyds SP since it was announced this was being considered and the original mini budget revealed but who knows? Could fall even further if confirmed when he reveals his new costed Mini-Budget at the end of October? We also have Lloyds Q3 report due on 27th October to digest.

Livestock and SUFC
"Interest rates are currently at 2.25%, Lloyds Bank makes £175 million pounds of revenue for every 25 bases points in rise in rates, that's an extra 1.575 billon pounds from net interest revenue"

That figure will be less if the Government do reduce the interest paid on deposits held at the BOE by high street lenders.

"Only last week, Bank of England deputy governor Paul Tucker urged the Government to consider reducing the interest paid on some deposits held at the Bank by high street lenders. He said this could save the Treasury between £60billion and £90billion in interest withheld from banks such as NatWest, Lloyds and HSBC over the next two years.

The levy would be the equivalent of 'around 9 per cent of annual spending on health, education and defence', Tucker added.

The interest paid on commercial banks's deposits has been spiralling higher as the base rate has risen. The Treasury has examined the strategy as an easy way of filling a £60billion hole in public finances. But responding to a report in The Mail on Sunday last week, officials appeared to rule out the option.

But yesterday, Hunt told BBC Radio 4: 'Some taxes will have to go up... I'm leaving open all possibilities. We have to show we can fund every penny of our tax and spending plans.' "

https://www.thisismoney.co.uk/money/markets/article-11318653/Chancellor-Jeremy-Hunt-use-banks-tax-plug-black-hole.html

"So, JPM stopped their buy back programme to conserve cash for the recession. However, LLOY , oblivious to economics, continue to throw shareholders money down the drain."
Are you not aware the buy back programme is complete?

Oct 14 (Reuters) - Profits slid at Wall Street's biggest banks in the third quarter as they braced for a weaker economy while investment banking was hit hard, but investors saw a silver lining with some banks beating estimates.

Banks set aside more money in preparation for a hit from a potential economic slowdown. JPMorgan set aside $808 million in reserves, Citi added $370 million to reserves and Wells had a $385 million increase in the allowance for credit losses.

Still, shares of JPMorgan and Wells Fargo gained strongly, up 2.5% and 3.7% respectively while Citi gained 1.2% as the profit falls were not as deep as feared.

JPM also said it hopes to be able to resume stock buybacks early next year, although other banks were less bullish with Citi saying buybacks continue to be on hold and Wells Fargo saying it continues to be prudent about buybacks.

"JPMorgan delivered a solid set of results, from top to bottom," Susan Roth Katzke, an analyst at Credit Suisse, wrote in a note. "At least equally as important is the evidence of preparedness to manage through whatever turn the macro takes; expect the latter to be in focus."

https://www.reuters.com/business/finance/wall-street-banks-profits-slide-brace-weaker-economy-2022-10-14/

Truss said at the Press Conference she was very sorry to lose KK! A bit rich considering she had just thrown him under a bus! lol

OTUP
"With £2billion buy back and 5.7% div yield surely the true value of this share is close to £1!"
With current full year dividend expected to be 2.4p, that would only be a dividend yield of 2.4% for a SP of £1.

67sam
It certainly has not been a bloodbath since the Press Conference which was suggested would happen on Monday. Have you looked across the pond in the last 2 hours since Wall Street opened? Coincidence or were the Markets reacting to DOW going down?

DT
"One long-standing critic of hers says "God knows where we will be on Monday when the markets re-open."""
What a mess...
DYOR"
Why would the Markets wait until Monday when it is all out in the open now? Surely if the Markets were going to go into reverse as a result they would have been doing it the last 2 hours since the Press Conference?

Just watched Truss press conference. She is way out of her depth as PM.

"This all started with Brexit."
No, it started with COVID and Russia invasion of Ukraine!

Sacked..........I think a more appropriate statement would have been he has been thrown under a bus, yes!

Initial reaction on the Market to the news not encouraging.

He was called back from the US early for a meeting with Truss today.

Truss and KK.

Will the outcome of the meeting be announced before Markets close today?

"Just 3 PMs until Christmas!
lo!"
They could maybe rewrite the lyrics to "The twelve days of Christmas" based on that. lol

Think I touched a raw nerve there!

Falky
"It's going back to 50p....IMHO"
Difficult to fathom you out sometimes! You bang the drum for months saying set a buying price 39p....you then buy @ 38.889p on Wednesday and sell again the same day for £26 profit! And now you buy back in today @43.21p?

LYG up +11.11%.....hope some of that comes our way tomorrow!

TFE
Strange why the "political debate" only seems to be discussed at length and in great detail on the LSE and ADVFN Lloyds BB. All the other individual share BB's on both sites in the main do not engage in the "political debate" to the degree it is dragged through the gutter on the Lloyds BB. Just saying...