Lloyds Banking Group Plc, Britain’s biggest mortgage lender, posted its fourth consecutive annual loss after earmarking 3.5 billion pounds ($5.8 billion) to compensate clients mis-sold products including loan insurance.
Barclays Plc reported full-year profit that missed analyst estimates as litigation and compensation charges complicated Chief Executive Officer Antony Jenkins’s overhaul of Britain's second-biggest bank by assets.
European Union banks have shed more than $1.1 trillion of assets since the end of 2011 in a shift away from risky investments such as asset-backed debt as regulators push lenders to shore up their balance sheets.
Three million of Pakistan’s richest income tax evaders will get 90 days to take up a government amnesty offer after which they will be hounded by inspectors under the nation’s most ambitious plan to improve its finances.
HSBC Holdings Plc, Europe’s biggest bank, slid in London and Hong Kong trading after profit missed analysts’ estimates and Chief Executive Officer Stuart Gulliver said fast-growing emerging markets are slowing.