Lloyds Banking Group PLC
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Lloyds Banking Group Chairman Win Bischoff is to retire in the next year, handing the reins to a successor who must steer it through a potentially risky multi-billion pound government share sale.
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Stocks declined after a brief uptick as Fed Chairman Ben Bernanke seemed unable to soothe this cranky market for more than five minutes.
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Stocks rose Tuesday after the U.S. Federal Reserve announced a major step to help support strained commercial-paper markets.
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Shares in three major UK banks -- thought to be well capitalized -- were hammered after a report that they might ask the government for funding reignited fears about how sound the banking system was.
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Stocks rose Tuesday after the U.S. Federal Reserve announced a major step to help support strained commercial-paper markets.
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Futures declined Tuesday after the U.S. Federal Reserve announced its fourth-quarter term auction schedule, unnerving investors who anxiously await signs of some coordinated response by global central banks to unfreeze the credit markets.
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Futures are down slightly, but that has little meaning these days. Many traders feel that yesterday's drop was due to: 1) distortions in price discovery created by the changing short sale rules; 2) the realization that many banks are still undercapitalized.
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For the historic week ending Friday, September 19, 2008, the major U.S. Indices managed to close mixed and almost flat after one of the most volatile trading weeks ever, driven by the collapse of investment bank, Lehman Brothers, enormous government actions around the globe, and billion dollar deal making. In one week, the government bailed out AIG, pumped funds into money markets, and banned short selling of financials - all while keeping the Fed Funds target unchanged and taking unprecedented actions to halt the liquidity crisis. The CBOE Volatility Index (VIX) surpassed the benchmark level of 30, hitting an intraday high of 42.16 on Thursday, its highest level since 10/2002. The major indices were all up and down +/- 3% for 4 of the past 5 days. The Dow posted a 2 day point move of more than 778 points as of Friday’s close, after plummeting 811 between Monday and Wednesday and hitting 10,609.66, its lowest level since 11/9/2005. On Friday, The Nasdaq Composite recorded a 2-day point move of greater than 175 points after it closed down 109.05 points on Wednesday, its first triple digit decline for one day since it began trading after the 9/11 attacks. The S&P 500 flirted with record territory closing up 98.7 over the last two days, marking its biggest 2-day point move since 3/16/2000, the largest 2-day point move ever.
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Shares of UK bank HBOS have been hit hard of late and are bouncing around Wednesday on speculation of a possible deal with Lloyds TSB.
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British bank Lloyds TSB's first-half profit dropped 70 percent from a year ago as it took a 585 million pound ($1.2 billion) writedown.
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British bank Lloyds TSB raised its writedown on its exposure to risky assets to 280 million pounds ($547.3 million) on Friday but reported a 6 percent rise in underlying 2007 profit and raised its dividend.
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Lloyds TSB said its underlying profits are on track to grow 11 percent this year but the British bank will take a 200 million pound ($405 million) hit from exposure to credit market problems.
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It's a booyah-free zone. There goes Swifty!Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
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Bank of Cyprus denied on Tuesday civil money laundering charges filed against it by US prosecutors, saying the case was legally and factually without merit.
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British bank Lloyds TSB sold its Abbey Life insurance unit for almost 1 billion pounds ($2billion) and announced on Tuesday a 15% rise in underlying earnings and its first dividend hike in five years.
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Shares in Lloyds TSB gained 0.8% as the British bank looked to auction off its Abbey Life insurance unit, according to a report in the Wall Street Journal, citing sources familiar with the matter Friday.
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Lloyds TSB Group is auctioning its Abbey Life insurance unit, which is expected to fetch more than 1 billion pounds ($1.97 billion), newspapers reported The U.K. bank solicited bids last month, and the first round of offers was due last week. Among the bidders are as Resolution and Swiss Reinsurance, people familiar with the matter told the Wall Street Journal.