Category Archives: Lloyds Banking Group

Lloyds profits take hit after more money put aside for defaults

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Bank says number of customers in arrears at ‘low levels’ despite soaring inflation

Lloyds Banking Group has revealed it is struggling to boost profits, amid fears that soaring inflation could lead to a jump in defaults on loans and mortgages.

The country’s largest mortgage lender, which is considered a bellwether for the British economy, took a £200m charge between April and June as it put aside more money to protect the bank from potential defaults. That compares with the £374m it released during the same period last year.

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Scilly residents face paying hundreds to visit the bank as last branch closes

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Lloyds is to close the Isles’ last branch meaning the nearest bank will be 44 miles and a ferry ride away

For many, the ferry ride between Cornwall and the Isles of Scilly marks the beginning of a relaxing weekend away. For residents of the islands wanting to visit their nearest bank, it’s about to become an expensive necessity.

Lloyds, which ran the Isles’ last remaining branch, is about to close the site on the island of St Mary’s because of a persistent fall in customer numbers.

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ECB keeps interest rates on hold, warns of ‘transitory’ higher inflation – business live

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The global semiconductor shortage and ongoing disruption to supply chains continue to knock carmakers’ profits.

Volkswagen and Stellantis both suffered financial hits in the third quarter the year, as a result of the global shortage of computer chips, which has prevented the firms from producing as many vehicles as they had originally planned.

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Lloyds and HSBC are shedding office space … did they have too much to begin with?

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Why there may be more to the announcement of Covid-inspired cuts than meets the eye

Here comes another bank that has decided, apparently definitively, that working practices will not return to their pre-pandemic norms. Lloyds Banking Group says it plans to shed 20% of its office space. Earlier this week, HSBC said it would get rid of 40%.

These figures are so dramatic that they invite suspicion. Have managements really come to the firm view that working from home is so popular that employees’ demands for flexibility must be granted? Or did these banks have too much office space in the first place and now wish to save a few quid?

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Nearly 75% of City firms reviewing office space provision

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Rise in home working during the pandemic means many companies are assessing their needs

Nearly three-quarters of City firms are reviewing how much office space they really need following a boom in home working during the pandemic, new research shows.

The latest CBI/PwC financial services survey found 74% of companies – particularly banks and insurance firms – have been taking stock of their office requirements in the hope of either using the space differently, or reducing it.

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Barclays, HSBC and Lloyds among UK banks that had links to slavery

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Many bank directors received compensation after slavery was made illegal in 1833

The slave trade was abolished in the British Empire in 1807 but it was not until 1833 that the Slavery Abolition Act finally banned the ownership of other human beings. However, 46,000 slave owners continued to benefit financially as the subsequent Slave Compensation Act provided £20m in payments – a sum worth billions in 2020 terms. Despite the name of the act, the former slaves were not compensated.

University College London’s Legacies of British Slave Ownership project shows that 10% to 20% of Britain’s wealthy can be identified as having had significant links to slavery. The amount of money borrowed to pay off slave owners was so large that the government only repaid it fully in 2015. Companies with links to slavery in their past include:

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Ex-Unilever boss seeks ‘heroic CEOs’ to tackle climate change and inequality

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Paul Polman also supports Bank of England-backed group promoting disability rights

The former boss of Unilever is seeking a team of “heroic chief executives” to drive a shift to a low-carbon, more inclusive way of doing business.

Paul Polman, who stepped down from the Anglo-Dutch owner of Marmite and Dove in November last year after a decade at the helm, warns that the rise of populism and Brexit are symptoms of capitalism’s failure to adapt. Bosses, he insists, must commit to fighting inequality and tackling the climate emergency.

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