Pre-tax losses for the Co-operative Bank widened to £152.1 million from £140.7 million after the bank took a hit of £62.5 million for mis-sold PPI over the last year.
Blog Category: Personal Finance
Just a week after announcing a 26% drop in profits, Lloyds Banking Group (LBG) has announced it is shedding the equivalent of 780 full time jobs across its branch network.
The additional provision of £2.45 billion for PPI complaints in 2018 ‘significantly impacted’ the profits of Lloyds Banking Group (LBG) according to chairman Lord Blackwell.
Announcing a drop in profits of 33%, HSBC is to axe 35,000 jobs globally and is still processing tens of thousands of PPI claims.
Royal Bank Of Scotland Group (RBS) is to change its name to NatWest later this year.
Barclays is still only half way through processing the massive spike of PPI complaints received in the run-up to the claim’s deadline in August last year.
The Financial Ombudsman Service (FOS)has been receiving an average 3,500 new PPI complaints a week in the wake of the claims deadline of August last year.
The total compensation paid for PPI mis-selling has broken the £37 billion barrier.
Gladstone Brookes started the year strongly with the top 20 PPI compensation payouts totalling more than £617,000.
Britain’s high street banks are being asked to explain how they calculated their new 40% overdraft rates by the country’s financial watchdog.