Lloyds operating costs fall

Lloyds operating costs fall

Financial headlines do not always point investors in the right direction. Take the media’s interpretation of Lloyds Banking Group’s (LLOY) full-year results, which seized on the full £2.45bn provision for payment protection insurance (PPI) claims, its impact on statutory profit, and the knock-on effect for chief executive António Horta-Osório’s variable pay, which halved to £1.8m. 

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