Lloyds Banking Group: an even worse bet than RBS

The latest results from Lloyds Banking Group are terrible. And they're not the worst thing about this bank, says Phil Oakley. It’s one to give a very wide berth indeed.

RBS is often cited as the ultimate basket case of the UK banks. And it's true that RBS is still a mess.

But after looking at Lloyds Banking Group's latest results, I reckon it's in even more of a state than RBS.

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Phil spent 13 years as an investment analyst for both stockbroking and fund management companies.

 

After graduating with a MSc in International Banking, Economics & Finance from Liverpool Business School in 1996, Phil went to work for BWD Rensburg, a Liverpool based investment manager. In 2001, he joined ABN AMRO as a transport analyst. After a brief spell as a food retail analyst, he spent five years with ABN's very successful UK Smaller Companies team where he covered engineering, transport and support services stocks.

 

In 2007, Phil joined Halbis Capital Management as a European equities analyst. He began writing for MoneyWeek in 2010.