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Lloyds dividend on back burner as PPI mess drags on

Antonio Horta-Osorio is stuck playing Sisyphus. In Greek mythology, the Corinthian king had to push a boulder up a hill, only to see it roll down again just before the summit. Likewise the chief executive officer of Lloyds Banking Group got a long way in the third quarter, burnishing the U.K. bank’s core operations and shrinking its toxic non-core assets. But continuing pain from the past misselling of payment-protection insurance (PPI) yet again dragged Lloyds back into a loss.