UK Manufacturing PMIs: Staff and parts shortages sees recovery begin to slow August 2, 2021 The UK manufacturing upturn remained solid in July but failed to hit the heights of previous months as supply chain and labour constraints began to snarl up production lines across the country. The manufacturing Purchasing Managers’ Index stood at 60.4 last month, down from previous highs in May of 65.8. Read more: UK jobs market [...]
Lloyds boss says bank can absorb coronavirus loan defaults May 21, 2020 The chief executive of Lloyds Banking Group today said the bank would be able to soak up a jump in loan defaults triggered by the coronavirus pandemic. Antonio Horta-Osorio told the bank’s annual meeting today that supporting customers hit hard by the pandemic was the “right thing to do”, but would have a financial impact [...]
Banks face tougher competition as profits boost from higher rates fades October 30, 2023 The UK’s major listed banks have warned that the tailwind from high interest rates that has driven bumper profits over the past year is coming to an end as lenders compete to offer better deals to customers. Barclays, Lloyds, NatWest, Standard Chartered and Santander reported third-quarter earnings last week, while HSBC released its results today. [...]
Inside UK banks’ arms race against fintech start-ups June 8, 2024 The UK’s major banks are muscling into new areas of the fintech space as they look to keep up with a wave of young challengers and grab a slice of the lucrative market.
Lloyds axes staff bonuses despite return to profitability December 18, 2020 Lloyds Bank is set to scrap bonuses for all of its employees after it saw profits plunge due to the pandemic. The bank returned to profit in the third quarter reporting a pre-tax profit of £1bn, well ahead of the average £588m forecasted by analysts. But its pre-tax profit for the first nine months of [...]
UK banks take first steps towards boosting bonuses after watchdogs scrapped cap February 26, 2024 UK banks are cautiously paving the way to awarding bigger bonuses after the financial watchdogs scrapped the cap on variable pay last year.
‘I’m £5,000 down’: Co-op Bank apologises after duplicate payments glitch June 12, 2024 The Co-operative Bank has apologised to customers after complaints that a glitch had caused payments to be taken twice from some small business accounts.
UK banks’ costs in focus in 2024 as interest rates go from boon to burden January 1, 2024 UK banks' cost control will be a key focus in 2024 as the tailwind from high interest rates gives way to mounting margin pressure, analysts have told City A.M.
Lloyds Banking Group chief executive Antonio Horta-Osorio sells £3.5m of shares in the bank August 2, 2019 The chief executive of Lloyds Banking Group Antonio Horta-Osorio today sold £3.5m of shares in the bank, according to stock market filings. Horta-Osorio sold 6.75m shares at an aggregate price of 52p, the filing shows. The value of the shares sold exceeded £3.5m. Lloyds’ share price fell 2.8 per cent today to 51.3p. Following the [...]
Savings accounts: Banks under fire as MPs demand to know why interest rate rises have not been passed on to savers March 1, 2023 MPs have asked further questions of banks’ savings rate as pressure increases on the UK’s major high street lenders to pass on higher interest rates to consumers. In a letter to the heads of four of the UK’s largest banks, chair of the Treasury Committee Harriet Baldwin asked banks why their savings rates remain lower [...]