Lloyds

Lloyds Banking Group is hoping to raise £1bn from the sale of its 60% stake in St James's Place Wealth Management(SJP), according to reports.

Royal Bank of Scotland has posted a pre-tax loss of £1.2bn in the third quarter, as it sets aside a further £400m to cover PPI mis-selling claims.

Lloyds Banking Group investors have shrugged off the bank's extra provisioning for PPI mis-selling, sending the bank's shares up 7% on better-than-expected progress on cost cutting.

Bank of England policymaker Andy Haldane, has slated ring-fencing proposals for being too weak and said "King Kong" banks should be no larger than $100bn.

Shares in Lloyds Banking Group and RBS have fallen today after broker Cazenove warned of the potential impact of further PPI provisioning.

Over the last three months, UK bank shares have enjoyed a strong rally, helped by the ECB's and US Federal Reserve's liquidity moves.

The FSA is fighting a proposal by Lloyds Banking Group to pay its first dividend since the government acquired a 43% stake in 2008, according to reports.

UK BANKS

Now is the time for income-seeking investors to look at UK banks again, ahead of their return to the dividend register, said Schroders' Nick Kirrage.

Lloyds Banking Group (LBG) will no longer offer a mass market investment advice service for clients with less than £100,000 to invest.