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Lloyds swallows PPI hit

Lloyds swallows PPI hit

António Horta-Osório has been hoping to draw a line under the payment protection insurance scandal ever since he arrived at Lloyds Banking Group (LLOY). Eight years into his tenure – and amid market chatter that he could exit the UK’s largest mortgage provider in the next year – the chief executive swallowed one final £1.8bn provision for the miss-sold products, all but wiping out third quarter profits.

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