It seems incredible that Lloyds has set aside £12 billion to pay for the consequences of its PPI mis-selling, yet that still does not look like enough.
After today’s payout, investors are expecting it will need at least another £1 billion on top.
Today’s fine was all about how badly Lloyds treated customers. But there’s another issue: how long it took the bank to work out the extent of its problems.
As Investec points out, had the bank been quicker, it could have saved itself from the Chancellor’s ruling that PPI costs booked from the second quarter of this year could be tax deductible.
Ah well, at least we get some help on the deficit.
Tall story from Bond
Business news in pictures - June 5
The anecdotes were coming in thick and fast today following news of his death, but here’s a favourite.
When a tall supermodel met Bond for the first time, she said she expected him to be taller.
Quick as a flash, he replied: “I am when I stand on my wallet.”
Such a pity his verve was accompanied with villainy.