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The truths they don't want you to read....

Thursday, November 06, 2008

HBOS takeover

With almost all the top jobs going to Lloyds directors; with the main HBOS directors retiring; with the name being changes to Lloyds Banking Group; any pretext of it being a 'merger' has been shed.

I'm getting more intrigued about the mysterious third party bid mainly "Does it actually exist?".

It was with some wry amusement that I noted that the AGM for Lloyds is being held in Glasgow on the 19th November and the HBOS AGM is being held in Birmingham on 12th December.

Which company is therefore the most Scottish? [As if that mattered to anyone except politicians]

With 'savings' i.e. cuts of £1.5bn now forecast for the combined group the truth of the takeover is that there will be large scale job cuts, and the Bank of Scotland locally expects the Lloyds TSB Branch in Stornoway to close and the staff to be moved into Cromwell Street, except that er... they won't need all the combined counter staff, or managers, or admin staff.

This is the legacy of the reckless lending by the wonderful bank that we are supposed to hold up as a trophy prize to be retained at all costs.

1 comment:

Anonymous said...

The legacy was the takeover of BOS by Halifax with the building society mentality when most of the top jobs were filled by Halifax personnel who did not have the requisite banking experience but thought they had developed the perfect model for the Group.