As London-listed banking stalwarts go, Lloyds and HSBC are polar opposites when it comes to complexity. For investors trying to anticipate the next bump ahead, there is an advantage in the simplicity of the former’s vanilla retail banking model, but pushing profits higher also becomes a tougher task.
So what’s the answer from Charlie Nunn, Lloyds’ new(ish) chief executive? Trying to sell more banking, wealth management and protection products to the existing retail and business customer base and to launch self-directed wealth management products for the “mass affluent”. The hope is to generate £700 million in additional revenue by 2024, growing to a total of £1.5 billion by 2026, equivalent to just under 10 per cent of last year’s net income.
Consumers hold just over
