Continued uncertainty regarding Brexit continue to weigh on the UK economy and UK banks, with negotiations continually failing to make any discernible progress.
On Wednesday, Theresa May’s performance during Prime Minister’s Questions failed to provide an answer to these concerns. However, she did rule out a suggestion for the Brexit timeline to be extended.
Lloyd’s is also set to come under public pressure as shareholders from the financial crisis finally get their day in court.
Many are upset that not a single individual has been prosecuted over the failing during the crisis and the High Court case starting next week will see some have their wishes granted.
Ex-Chairman Sir Victor Blank, ex-Chief Executive Eric Daniels and ex-finance chief Tim Tookey are likely to appear throughout the trial. There are said to around 6000 claimants including Hedge funds and Asset Managers.
Despite the upcoming trial possibly tarnishing Lloyd’s improving reputation, Credit Suisse has recently upgraded Lloyds to outperform with a 80p price target.
“We expect domestic UK data to continue to outperform general expectations and as a result we also expect Lloyd’s performance to continue to outperform expectations” commented Dan Pellard from Clear Capital Markets.
The bank also announced on Wednesday two new appointments within their commercial banking division, including a new managing director of global transaction banking.
LLoyds said Ed Thurman would assume the role of director of global transaction banking, replacing Adrian Walker, who has been appointed as investment management director in the group transformation division.
Thurman’s old position as managing director of the division’s financial institutions business, will be taken over by Robina Bennett, who currently acts as audit director for commercial banking. The announced changes are effective November 1st.
Lloyd’s Bank is set to next update the market with their 2017 Q3 IMS 25th October.
Shares in the bank are currently modestly down 0.94 percent as of 15.25PM (GMT).