KBW Analysts Criticize Lloyds Margin Guidance After Q3 Results
KBW analysts Edward Firth and Fatima Ghaznavi called Lloyds Banking Group’s margin guidance disappointing, citing broader challenges beyond deposit competition.
In a report published on November 7, 2026, analysts Edward Firth and Fatima Ghaznavi of Keefe, Bruyette and Woods (KBW) assessed the recent third-quarter performance of U.K. banks. The analysts noted that the sector faced a challenging quarter and specifically highlighted that the margin guidance issued by Lloyds Banking Group was disappointing. While the bank has attributed its performance challenges to deposit competition, the analysts suggested that this factor represents only a portion of the broader issues impacting the company's outlook.