Arab Today, arab today lloyds makes £35bn annual loss
Last Updated : GMT 21:09:51
Arab Today, arab today
Arab Today, arab today

Lloyds makes £3.5bn annual loss

Arab Today, arab today

Arab Today, arab today Lloyds makes £3.5bn annual loss

Edinburgh - BBC

Lloyds Banking Group made a loss of £3.5bn for the year to 31 December after setting aside £3.2bn to cover payment protection insurance claims. In 2010 the bank, which is 40% owned by the UK taxpayer, had made a pre-tax profit of £281m. The bank said last year that it was setting money to cover claims over mis-sold PPI - loan repayment insurance for borrowers should they lose their job. Lloyds said its bonus pool for 2011 was £375m, down 30% against 2010. The average bonus for each of its 100,000 staff will be £3,900. Earlier this week the bank, which also owns TSB and Halifax Bank of Scotland, announced it would not be paying £2m of the pre-announced bonuses to 13 executives, including the former chief executive Eric Daniels. The current chief executive, Antonio Horta-Osorio, took over at the start of last year. Towards the end of the year he took two months off after suffering severe sleep deprivation. He returned to work last month, but said he would not take the bonus he was entitled to, which was worth up to £2.4m. Challenges The bank is undergoing a wide-ranging reorganisation, which includes 15,000 job cuts and the disposal of 632 branches. Lloyds is also cutting its international activities to 15 nations by 2014, compared with 30 currently. The bank\'s shares fell after the results announcement. Its share price was 63p at the time the government took ownership of what was then just over 43% of the company. But it was about half that, at 35p, in Friday morning trading. The bank said that it was \"in a significantly stronger position than it was 12 months ago\", but that the 2012 financial year was likely to present a raft of challenges, from regulatory issues to the eurozone economy. Lloyds\' chief executive, Antonio Horta-Osorio, said in a statement: \"We expect the external environment to remain challenging in 2012, with a subdued economy, continued high levels of regulatory scrutiny and political uncertainty relating to the banking sector, and the continued potential for downside effects from financial market volatility and instability in the eurozone.\" Lloyds, which is the country\'s biggest retail bank, said it expected the unemployment rate to top 9% in 2013. It does not expect to see any improvement in the housing market this year or next and is forecasting prices to remain flat well into 2013. Mr Horta-Osorio told BBC business editor Robert Peston that Lloyds is only one year into a three-to-five-year process of rehabilitating the bank. He said that by the start of 2013, Lloyds may have adequate capital for the board to start thinking about the resumption of dividend payments, something that is crucial if taxpayer is ever to see a return on their investment in the bank. Losses on its investment are currently in the region of £10bn. 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lloyds makes £35bn annual loss Arab Today, arab today lloyds makes £35bn annual loss

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lloyds makes £35bn annual loss Arab Today, arab today lloyds makes £35bn annual loss

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday