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.
Standard Chartered Plc named Mike Rees deputy to Chief Executive Officer Peter Sands as the U.K. bank struggling with writedowns in South Korea combines its corporate and consumer-banking units to cut costs.
Royal Bank of Scotland Group Plc, Britain’s biggest publicly owned lender, named the head of its U.K. consumer unit chief executive officer as the government presses the lender to shrink its investment bank.
Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc are set to post losses for 2011 this week before returning to profit as the state-controlled U.K. banks cut thousands of jobs and finish a series of writedowns.
HSBC Holdings Plc and Standard Chartered Plc, the two U.K. banks most reliant on Asia for earnings, may next week say profitability in the region is being squeezed by both international and domestic competitors.
Barclays Plc, the U.K.’s second- largest bank by assets, said investors bought 94.6 percent of the shares in its rights offering, leaving the banks managing the sale to sell about 472 million pounds ($761 million) of stock.
HSBC Holdings Plc, Europe’s largest bank, posted a bigger-than-estimated increase in first-quarter profit after provisions for bad loans shrank, stirring speculation the lender may step up its cost-reduction targets.
Nationwide Building Society, the U.K.’s biggest customer-owned lender, said profit margins will come under pressure this year and next amid “aggressive” competition for deposits from state-owned banks.