Get your tiny violins ready… Lloyds Banking Group has reported an operating loss of £6.3bn.

But before you feel to dispondent, Lloyds did manage to keep the loss beneath the amount that experts predicted and slightly down on 2008’s £6.7bn deficit. Measures taken by Lloyds to try and cut the loss included a 7% drop in customer loans and advances.

But with Payment Protection Insurance (PPI) increasingly becoming the black sheep of banking and customers claiming PPI compensation left, right and centre, Lloyds valuable PPI income dropped 4% to £349m last year.

To try and help the books a little, Lloyds Group chief executive Eric Daniels followed in the footsteps of RBS and Barclays bosses by waiving his right to a £2.3m bonus for 2009, probably because he couldn’t see a reason for getting one. Lloyds’ results come a few days after those of Royal Bank of Scotland, who reported a £3.6bn loss.

Related posts:

1. PPI Claims Kitty Is Demanded By The Authorities
2. PPI Compensation Claims Could Be A Thing Of The Past Thanks To The Arrival Of Some Newbies
3. PPI Compensation Claims, Government Bail Outs and £13,800 Of Your Money
4. PPI Claims And Recession = Less Cash Back
5. £60million PPI Compensation Package Agreed On As MPPI Sales Increase