Lloyds Banking Group

FTSE 350 companies will pay out £86.3bn in dividends this financial year, while oil majors should be able to maintain payouts despite tough trading conditions, according to Markit.

Shares in TSB Banking Group have soared after news emerged it is in takeover talks with Spanish bank Sabadell.

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The share price of Standard Chartered plummeted this morning after the bank announced a 16% drop in operating profit in the third quarter.

Lloyds Banking Group has set aside an extra £900m in payment protection insurance (PPI) provisions and confirmed it will cut 9,000 jobs as part of a switch from high street to digital banking.

Eight staff members have been dismissed by Lloyds following an investigation into the LIBOR rate fixing scandal that saw the bank fined £218m.

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Royal Bank of Scotland (RBS) shares were among the top risers this morning after it confirmed it will move its operations to London should Scotland vote to become independent.

Lloyds Banking Group has set aside a further £600m for the mis-selling of payment protection insurance but its interim results show an improvement in underlying profit.

UK equity income managers have found their early purchases of Lloyds Banking Group thwarted by a longer than expected delay in the bank restarting dividend payments.