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My oh my i thought things where on the turn around.?
As various organizations take over rivals [not only banks] there will be situations where a typical high street/mall will have duplication.
Tidying the place up and reducing over capacity is the name of the game- it happens all the time -even in my working days- 40/45 years ago - rivals were snapping up eachother up for their share of the business 'pie', they did not always win of course- the 'slice' they bought took their business elsewhere
to rationalise in this way. There's no point on competing against yourself in the High street.
The Nationwide did the same to The Portman Building Society.
It's sad to see jobs disappear but on a selfish note I've seen tens of thousands of pounds of my retirement fund disappear into the abyss with Lloyds, RBS and Alliance and Leicester.
I'm not a 'get rich quick' merchant. Some of these shareholdings have been held for tens of years and I'm now reliant on the companies dividend payments for pension income.
Many others on the forum will be members of pension funds with holdings in these companies and be indirectly affected. It's essential that the remaining banks rationalise and get into profit as quickly as possible for the long term benefit of everyone....employees and shareholders alike.
However, Lloyds will finish up having to dispose of chunks of the existing business in order to satisfy competition rules in the next five years or so. New brands may yet appear on the high street.
TBH it sounds like there is NO easy way out?
Did you honestly think there was an easy way out of the hole that the mis-management of international banks has dug us into.
Here's a quick example of how people clearly don't learn.
In my industry there are 4 main distribution players. One customer went bust owing all 4 of us large amounts of money, one company was owed 6 figures.
The day after they went bust they resurrected themselves under a different name and changed the colours & logos on their website. We refused to touch them- once bitten twice shy etc.
Two other companies sold on a cash only basis.
The company owe were owed >£100k are now owed another £35k with no chance of getting that back either, as the customer has gone bust again, less than 6 months after the first collapse...
Where I live, there's a Halifax, LloydsTSB (until recently two within 75 years of each other) and C and G branches.
Pointless to have so many branches so close to each other.
By the way, the LloydsTSB/HBOS tie-up (I have current accounts with both banks) was due to the Government gently encouraging (persuading) LloydsTSB to take on HBOS.
We all now know the result.
a man in the street was asked for his opinion. he said words to the effect of "It all seems to be about money these days - such a shame".
There spoke someone who clearly had little idea about how businesses operate, or how they've always operated. Of course it's about money, and every British taxpayer has a vested interest in the future good management of Lloyds. We should be delighted to see that some difficult business decisions are being taken. The decision was a difficult one because of the people who will lose their jobs as a result; in all other respects it was a pretty obvious move.
Where I live, there's a Halifax, LloydsTSB (until recently two within 75 years of each other)
your not overun by banks then!
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