Britain's Lloyds Banking Group said on Monday it would take an additional charge of 800 million pounds ($1.1 billion) to compensate customers for the motor finance mis-selling scandal, bringing its total provision to 1.

Lloyds is putting its chief executive and all top bosses through a six-month Cambridge artificial intelligence (AI) training course, as the bank puts its full weight behind the technology. Charlie Nunn and his executive team will be taught to reimagine the future of banking with generative AI under the training.

After examining the details, Lloyds revealed it was anticipating a greater number of historical motor finance agreements would qualify for redress than previously anticipated. Lloyds' extra £800 million provision takes the total value of its reserves earmarked for the issue to £1.95 billion, encompassing customer payouts and operational expenses.

Lloyds has added an extra £800m to its motor finance provisions after an "adverse" outcome in the FCA's redress consultation.

Lloyds Banking Group is sending CEO Charlie Nunn and 300 senior leaders through a six-month Cambridge-designed AI bootcamp as part of its push to make artificial intelligence central to its banking and digital strategy.

Lloyds Engineering has inked a MoU with FlyFocus to jointly introduce advanced First Person View (FPV) drones for India’s defence and security sectors.

British business confidence recorded its biggest monthly improvement in more than four years this month, reflecting optimism that COVID-19 vaccines will lead to economic recovery in 2021, a Lloyds Bank survey showed on Monday.

Lloyds Banking Group (LSE:LLOY) stock has recently caught the attention of investors, with shares showing steady growth over the past month. This trend brings the focus back to how the UK lender is being valued at present.