Branch sale in danger as Lloyds delays signing deal with Co-op March 22, 2012 LLOYDS was forced to push back the deadline for signing its sale agreement with the Co-operative Group yesterday, in the clearest sign yet that its divestment of 632 branches, known as Project Verde, is in danger. The bank said it is now aiming to clinch the deal with the Co-op in the second quarter of [...]
Great value mortgages are making their way to market January 13, 2013 A BLEAK wider economic picture has made the mortgage market difficult in recent years. Nonetheless, mortgage lending is set to expand by 8.3 per cent in 2013, according to the Council of Mortgage Lenders (CML). And since the Funding for Lending credit easing scheme was introduced last summer, there has been an increase in the [...]
The rise and fall of HMV: Why great companies find it so hard to adapt January 15, 2013 I FIRST started work on the HMV advertising account in 1982, little knowing that I would handle the business for over 25 years, and that my path would cross HMV’s during a golden period for the record retailer. I say record retailer because that’s what it sold back then in 1982 – records made of [...]
Co-op set to revamp board in bid to secure Lloyds branch buyout March 8, 2012 THE Co-operative’s board faces an overhaul ahead of its purchase of 630 Lloyds bank branches as the Financial Services Authority (FSA) is believed to have concerns over whether the group can handle the acquisition. A person close to the negotiations told City A.M. he would not be surprised if the Co-op revamped its governance to [...]
Co-op addresses governance issues in FSA talks over Lloyds branches March 4, 2012 THE Co-op yesterday said that its talks with Lloyds Bank over the purchase of 630 branches were going according to plan, though sources said it might strengthen its board in order to satisfy regulators. The mutual, which is in exclusive talks with Lloyds, said last night: “As part of a thorough due diligence process we [...]
KPMG cuts own staff after warning bankers of job losses August 23, 2012 Professional services group KPMG warned just yesterday that bankers faced more job losses and pay cuts unless the economy improved. A day later and the firm was back in touch, announcing that there are going to be cuts in its own UK headcount of around 11,300 people. Yesterday the firm said it was carrying out [...]
RBS calls Virgin for deal rescue October 14, 2012 VIRGIN Money and two other institutions are in the running to take 316 branches from RBS, it emerged yesterday, two days after the planned sale to Santander collapsed. The sale was forced on RBS by the European Commission as part of the approval of its 2008 bailout, and must be completed by the end of [...]
EU approves Universal’s £1.2bn bid for EMI September 21, 2012 The European Commission today endorsed Universal Music Group’s £1.2bn takeover of British record company EMI, and demanded that both companies sell a third of their assets in an attempt to cut their monopoly on the music market. The Commission said that EMI must dispose of the Chrysalis, Mute, Classics and Parlophone labels, while Universal [...]
What happens to Lloyds customers? July 19, 2012 Co-op’s current account market share will hit seven per cent Q How do I know if my account is being moved? A All of the branches in question are on the Lloyds website, and once the deal is finalised the bank will write to you. Q Will my services be affected? A The aim is [...]
It’s a skilled business making technology look magical October 14, 2012 ANY sufficiently advanced technology is indistinguishable from magic,” was science fiction master Arthur C Clarke’s third law of prediction. Unfortunately, its consequences aren’t too often examined for business, as RBS seems to be now finding out. The problem with technology that looks like magic is that it looks easy – a few swipes, a few [...]