bee. i invested my money my self i have been taking 30k a year for the last 9 years and it has still gained over 34k.
you must remember that these fund managers are only dim wits and are there because the man who gives out the jobs does not want some one better than him self
and he is only there via friends .
it says it all

why did the tory gov allow the new ceo to get is millions
when they own 41 percent the mind boggles cameron and party are liars and yes i am a tory but next time bnp

they will have no problem with getting 15000 to take up the offer i no of at least 23

the buys and sells are close and up 9 percent

Merrill's view:

Key targets Income, costs, bad debts; 12.5-14.5% RoE
1. Core income growth above nominal GDP, driven by other income. 2. Group
NIM expected to be between 2.15-2.30%. The market had been concerned that
the target would be c. 2%. We have 2.11% in our NIM for 2013e. 3. 1.7bn of
costs savings by 14. This should allow the group to reduce costs by 1bn to
10bn versus the 10 cost base. There will be 1.5bn of restructuring costs,
spread over several years. The cost income ratio is expected to be 42-44% by
2014 (we forecast 47% in 13). 3. Bad debts at 50-60bp - in line with the old
target. We have 55bp in our forecasts in 13. 4. Core loan to deposit ratio of
120%. This equates to 130% at group level, and implies no further restructuring.
5. ROE target of 12.5-14.5% post branch disposals, based on core tier 1 of >10%.
6. The non-core run off is expected to be capital generative. We think the targets
support consensus (8.3p in 13e) and our forecasts of 9p, and should be taken
well today.
2011 guidance slightly better than before
Lloyds are guiding to a NIM of above 2%, slightly lower costs and lower bad
debts. The NIM and cost comments are better than our forecasts. Lloyds has now
repaid the SLS. Importantly there are no huge provisions from Ireland or the UK.
Whats not said is as important as the new targets
There had been concerns that provisioning requirements on Ireland, the UK CRE
book and UK mortgages would hit book value. This, and concerns over any
potential Widows disposal and restructuring charges meant investors lost
confidence in the 56p T/NAV. Their concerns are not going to evaporate
overnight, but the absence of these issues today should restore some confidence,
and allow the stock to recover back toward T/NAV, then beyond. Reiterate BUY

nothing in the report about bonus payments so it just the ofice staff to get the cuts not the bankers or the board

Incredible they sack 15000 middle managers and the sp rises 10%.

Not really, mitzy. It's seen as a cost saving exercise and therefore increased profitability. Bit of a downer for those disposed of, but no such thing as a job for life any more, sadly. I also think part of the rise was due to the Greek bailout situation - no default of sovereign debt, which comes as a relief to the banking world.

Harry after LLOY was forced to takeover HBOS by Brown there was bound to be job losses because of duplication, the bank unions should be blaming the labour government for what is inevitable. On the other hand if the merger had not gone ahead would we have any bank employees at all?

I worked briefly for the Midland in the 1970s when the managers really were still like Capt Mannering and to be feared. When I left, I remember my mum being horrified that I was leaving a job with prospects(I was doing the AIB exams) and a job for life.

Those days went some years ago and the banks are now terrible places to work. I have a relation who is in the management side of LLoyds and frankly, cannot wait to leave.

Skinny,

I hope he can afford to retire.

Halifax,

When a buyout occurs it is generally viewed that the purchaser can run the "failing company" more efficiently, ie, strip out its labour force and flog off or close failing areas of the business.

As has been expected, that is what is being done.

Now wait 12-18mnths for the UK company shares to be on the market at knock down prices.

Long term hold.

Fred,LLOY interim results due in a few weeks from now, if the bank shows signs of improving performance then that will be the signal to buy.2012 should see a return to dividend payments and a sp north of 100p.

daniels in headlines the man is a disgrace to all that is wrong with the uk.
he should be in prison

Well regardless of anything else - its been a stonking trading share this week.

interest rates are going to rise very soon and will go back to 5% within 18 months

when they have sold off the branches do not forget they still have 69b shares
consolidation must happpen

Comment from Merrill Lynch:
In our view yesterday was a milestone event, not just for Lloyds, but for RBS and Barclays too. The new CEO of Lloyds has publicly endorsed the provisions and risk weights of previous management, shown how they do not need to start a deposit war to fund themselves, take further big hits to book value and generate normalised EPS of 10-12p (even after adjusting for the dilution of the branch sales).

Whilst this will not lead to overnight miracles as the new CEO goes out to see investors, this should bring some well needed confidence back to the sector and importantly show that all the bank managements are singing off the same hymn sheet. It might be in a different tune, but the words are definitely the same - "the banks can get back to ROE > COE by 2013/14"

The irony of the new P&L and ROE targets for Lloyds is that the top end positions Lloyds EPS back into line with some of the most bullish forecasts of 6 months ago (i.e. 13p undiluted for branches). Lloyds are on the same journey but a different road.

Are Llloyds worth a buy..?

not at the moment but later in the year maybe.

sale of 632 branches "Project Verde" closes for bids tomorrow.

thanks for that.