The perils of AGMs
Apparently, Lloyds Banking Group bosses - including Antonio Horta-Osorio, chief executive, and chairman Baron Blackwell of Woodcote - did their usual thing at the Annual General Meeting earlier this week of putting a brave face on the bad news.
Indeed, against the backdrop of the billions paid out for PPI mis-selling, regulatory fines and civil litigation, Lord Blackwell, was asked how much more was to come, according to my moles at the AGM. Specifically, were there any other expensive skeletons about to come out of the closet?
Those who attended the AGM claimed Lord Blackwell said: ‘No ... not that we’re aware of or we would tell you’. (click here if you want to listen to the AGM http://www.lloydsbankinggroup.com/investors/shareholder-info/shareholder-meetings/)
Well informed readers will probably have guessed where I’m going next ... the splash of business section of The Times the day after there AGM?
“Lloyds to pay £80m in new sales blunder”. Here is the link:
https://www.thetimes.co.uk/edition/business/lloyds-to-pay-80m-in-new-sales-blunder-06r3gnq2d
It would appear The Times is better informed about what’s going on at Lloyds Banking Group than Lord Blackwell.....