Lloyds Banking Group has taken a £1.8bn hit for payment protection insurance (PPI) mis-selling compensation, almost wiping out its third quarter profits.
It takes the bank’s total bill for the PPI scandal to close to £22bn
The PPI cost meant the bank made just £50m of profits in the third quarter. It also knocked profits for the first nine-months, which fell 40% to £2.9bn.
Lloyds added Lord Blackwell would leave as chairman at or before the bank’s annual meeting in 2021.