Lloyds misses profit, partly blaming wealth business move

London — Lloyds Banking, Britain’s biggest mortgage lender, blamed the cost of compensating mis-sold insurance customers and moving its wealth business for a quarterly profit that missed forecasts.

“We are disappointed by the outcome but we accept it and we are moving on,’ CFO George Culmer said during a media call, refusing to give a specific number for the the break fee Lloyds will have to pay.The bank also has bills left to pay for its past misconduct. Lloyds posted a further £100m provision for customers who were mis-sold payment protection insurance. The scandal hit many UK banks, but Lloyds’s running total of £19.4bn by the end of 2018 makes it the biggest spender.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business blames unions for weak economyBusiness says labour's inability to compromise on salaries at Eskom and unbundling has weighed on the economy True. A fragmented labour union environment is dangerous for any economy. They compete with each other instead of working in the interest of workers. I think that’s correct but ultimately the buck stops with government. Starting to feel the pinch too?
Source: BDliveSA - 🏆 12. / 63 Read more »

Vunani upbeat about asset management business after surge in profitsWith a strengthened balance sheet, the group is targeting acquisitions that will complement its existing businesses
Source: BDliveSA - 🏆 12. / 63 Read more »

Pick n Pay says profits rose 20% thanks to SA business and better pricesThe group says the performance of the SA business ‘mitigated some operating challenges experienced outside its borders’
Source: BDliveSA - 🏆 12. / 63 Read more »

Pick n Pay says profits rose by a fifth thanks to SA business and better pricesSupermarket chain store lifts annual dividend 22.4% as turnover in SA rises 7.4% but earnings from the rest of Africa fall 16.2%
Source: BDliveSA - 🏆 12. / 63 Read more »

Know the real enemy of wealth creationSPONSORED | PSGWealth There are bigger enemies to bear in mind when considering investment strategies. Read more. BiggerPictureThinkers Invest Portfolio Wealth
Source: SundayTimesZA - 🏆 47. / 51 Read more »

BUSINESS MAVERICK ANALYSIS: While probably at fault, Amcu is hardly alone in seeing a political agenda in moves to disband itThe Association of Mineworkers and Construction Union sees a political agenda in the labour department’s bid to deregister it. This may not be possible to prove, but it is an easy conclusion to reach. The union’s arch rival is the National Union of Mineworkers, a key ally of the ruling ANC that was founded by the current occupant of the Union Buildings. It is also true that the union has compliance issues — that one veteran trade unionist says can be resolved.
Source: dailymaverick - 🏆 3. / 84 Read more »