Physician heal thyself!

get in first admit misconduct no fine seems to be the order of the day.

Broker note from Canaccord Genuity:
"Year to date, LLOY has returned 59% TSR, and trading on 1.5x current tangible book looks optically expensive vs. its 2 yr avg of 0.8x and UK peers on 0.8x. However a declining cost of equity, will likely drive further near term upside, due to i) dividend resumption, ii) rapidly improving capital levels iii) de-risking & better asset quality. Other near-term risk mitigants include, the Help to Buy scheme (mainly via a UK wealth effect) and more broadly the UK Government’s ‘ownership’ of the banking sector’s revival into the 2015 election. We re-iterate BUY with target price 85p (from 62p), seeing limited downside risk pre the May 2015 election.
Core LLOY has an impressive normalised RoTCE of 17.7%: While the incremental core earnings boost from declining deposit margins and falling loan losses is likely to fade somewhat in 2014, we expect that the core RoTCE will be supported by i) cost efficiencies, ii) business growth especially in underweight areas such as unsecured lending and corporate fee income where LLOY has only 12% UK market share vs. its 25% share of mortgages and current accounts.
Dividend resumption in 1Q14 = ‘clean bill of health’ from BoE Based on CEO 3Q13 results commentary, we think dividends will resume in 1Q14- which has signalling value to general investors that “LLOY is back” post crisis. A LIBe 2015e 4.0p dividend (c 55% payout) implies a 5.3% yield
Higher capital requirements a non issue: Investors will dust off their Modigliani and look through the BoE’s super-equivalence requirement (to operate with above Basel 3 capital levels) and view anything above 10% of RWAs as excess capital. By YE15 we forecast a Basel 3 core tier 1 of 11.5% implying excess capital of £4.1bn, 7% of market cap. While some will argue that any ‘excess’ capital is trapped, in fact it will be offset by a lower cost of equity (ignoring a minor tax shield impact)."

Sale of Asset Mgt Business SWIP

LLOYDS BANKING GROUP ANNOUNCES SALE OF ASSET MANAGEMENT BUSINESS SCOTTISH WIDOWS INVESTMENT PARTNERSHIP

Lloyds Banking Group plc (Group) announces that it has agreed to sell its asset management business Scottish Widows Investment Partnership Group Limited (SWIP) to Aberdeen Asset Management plc (Aberdeen) for an initial consideration payable in Aberdeen shares with a value of approximately £560 million, and a further deferred consideration, payable in cash, of up to £100 million, as described below. As part of the transaction, the Group will enter into a long-term strategic asset management relationship, whereby Aberdeen will manage assets on behalf of the Group.

The sale and strategic relationship are expected to result in a stronger asset management partner for the Group and its customers, combining Aberdeen and SWIP's strengths across fixed income, real estate, active and quantitative equities, investment solutions and alternatives. SWIP's management and employees will transfer to Aberdeen upon completion.

The sale does not include Scottish Widows, the Group's life, pensions and investment business, which remains core to the Group.

In consideration for SWIP, the Group will receive approximately 132 million new ordinary shares of Aberdeen, equivalent to approximately 9.9 per cent of its enlarged issued ordinary share capital. Aberdeen has also committed to deliver additional consideration 12 months after completion calculated with reference to the amount by which Aberdeen's volume-weighted average share price for the five trading days prior to completion (the "VWAP") is below 420 pence but above a floor of 320 pence. To the extent the VWAP is below 320 pence, the Group has the option to terminate the sale. Based on Aberdeen's share price of 427 pence at close on 15 November 2013, the Group's shareholding in Aberdeen would have a value of approximately £560 million. In addition, further consideration of up to £100 million will be payable in cash over a five year period depending on the growth in business generated from the strategic relationship with the Group.


more..

LONDON (Reuters) - Lloyds Banking Group will probably sell 30 to 50 percent of its stake in the 631 bank branches being re-branded as TSB when the new entity floats on the stock market in 2014, a newspaper reported.

TSB's Chief Executive Peter Pester told Britain's Sunday Telegraph that TSB will begin its roadshow relatively soon, with the listing planned for the middle of next year.

The share sale will also include a retail offering, Pester said.

Lloyds was ordered to sell the branches by European regulators as a penalty for receiving a 20-billion-pound ($32 billion) government bailout in the 2008 financial crisis.

Pester also said that in the ten weeks since TSB launched a new advertising campaign, customers had been signing up for current accounts twice as quickly as the group had estimated.

Directorate Change

Lloyds Banking Group plc announces the appointment of Juan Colombás as an Executive Director with effect from 29 November 2013.

Commenting on Mr Colombás' appointment, Sir Winfried Bischoff, Chairman, said: "We are delighted to welcome Juan to the Board. Juan has significant banking and risk management experience. He has served as the Group's Chief Risk Officer and a member of the Group Executive Committee since January 2011. Juan is a valuable addition to the Board and we look forward to working with him."

He sounds Portuguese to me. Hope this isn't an example of cronyism within the ex-pat community???!

He is Spanish. Another one poached from Santander a couple of years back.

It'll be Bulgarians and Romanians next; taking the jobs from the Poles!

:-)

StockMarketWire.com
Lloyds Banking Group has agreed the sale of a portfolio of non-performing Irish retail mortgages to Tanager, an entity affiliated with Apollo Global Management, for £257m in cash.

The transaction is part of the group's continued non-core asset reduction programme. The gross assets subject to the transaction are £610m. The portfolio generated losses of £33m in the year to 31 December 2012.

The sale proceeds will be used for general corporate purposes and the transaction, although capital accretive, is not expected to have a material impact on the Group, due to existing provisions taken against these assets. The transaction is expected to complete in the first half of 2014.

Placing of Shares in St James's Place plc

PLACING OF SHARES IN ST JAMES'S PLACE PLC

Further to its announcement on 9 December 2013 of its intention to sell shares in St James's Place plc ('St James's Place', or the 'Company'), Lloyds Banking Group plc ('Lloyds', or the 'Group') announces that 109 million shares have been placed at a price of 630 pence per share (the 'Placing'). The gross proceeds of the Placing are approximately £680 million.

Settlement of the Placing will take place on 13 December 2013. Following completion of the Placing, Lloyds will no longer hold any shares in St. James's Place for its own account.1

Effect of the Placing on Lloyds
As a result of the Placing, the Group will realise a gain on sale of approximately £105 million. On a pro forma fully loaded CRD IV basis, the Placing will increase the Group's common equity tier 1 capital by approximately £685 million, equivalent to an approximate 24 basis points benefit.

Investec Buy 79.04 78.20 80.00 84.00 Reiterates

£28 Million Fine http://www.bbc.co.uk/news/business-25330366

Having worked in the banking industry for a long time , before I'd had enough, I'm not surprised, customer service went out the window a long, long time ago. The main objective is targets, targets, targets. People who get to the top now in the banking industry are generally harder than nails, couldn't give a toss about their staff or customers and are motivated by numbers and targets.

Sound good tutors.

StockMarketWire.com
Numis has issued a research note on Lloyds Banking Group (LON:LLOY), today, in which it contends that the disposal activity carried out during the year increases the likelihood of the bank paying out a fourth quarter dividend. However, the broker also said that, while the disposals have increased the projected fully loaded core tier 1 estimate to 10.6 per cent, they will have an impact on underlying profits going forward. Analysts have, therefore, lowered their profit forecasts by 6 per cent to £6,139 million (earnings per share of 6.3 pence) and £6,812 million (earnings per share of 6.9 pence) for 2014 and 2015, respectively. Nevertheless, Numis has repeated its positive "add" recommendation and 85 pence per share price target.

17 bob would be nice!

You are an old f*rt then skinners........ lol ;)

Farting is good for you.

If you don't fart healthily then the fart travels up your spine to your brain and this makes you think shit thoughts.

BB - less of the old! :-)