(Bloomberg) -- Lloyds Banking Group Plc Chief Executive Officer Antonio Horta-Osorio had some tough words for euro-area bank bosses, saying that no lender could be proud of its record in keeping a lid on costs.
“I don't see any bank in Europe that has been leading in terms of its efficiency,” said Horta-Osorio, speaking at a Barclays Plc financial services conference in New York on Monday.
Asked by a member of the audience what European banks could do to improve their attractiveness to investors, the Lloyds CEO said his main advice to competitors would be “to create a cost advantage.”
Britain's largest mortgage lender earlier Monday suspended its share buyback after a last-minute rush of compensation claims for mis-sold payment protection insurance, taking its total costs for the scandal to 21.8 billion pounds ($26.7 billion).
To contact the reporter on this story: Harry Wilson in London at hwilson57@bloomberg.net
To contact the editors responsible for this story: Ambereen Choudhury at achoudhury@bloomberg.net, Marion Dakers
©2019 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
