Sky News revealed that Lloyds group leads the way – for the most money set aside for Payment Protection Insurance mis-selling that is. The company is to provide for yet another £1 billion for PPI claims, taking the total amount set aside for this to a whopping £5.3 billion.
The news came as Lloyds announced a pre-tax statutory loss of £583m in the nine months to the end of September. Despite the apparently shocking numbers, the banks CEO, Antonio Horta-Osorio, remained relatively upbeat about the companys overall performance, saying that the company was making good progress with cost cutting measures. Lloyds is 40% owned by the UK taxpayer.