Saturday, Mar 07, 2009
The hatches are being battened down at Lloyds
Times: Lloyds primed for 1980s slump
Lloyds Banking Group with the government nod of approval is preparing to survive a 1980s-style U-shaped recession and government approved stress tests predict a worst case scenario of a 6% drop in GDP from Peak to Trough. Interestingly although the bank has been keen to avoid any state support, it has been under pressure from the Treasury and UK Financial Investments to sign up to the scheme.
Posted by enuii @ 09:42 PM (503 views) Add Comment
2 Comments
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1. quiet guy said...
"David Peters, 62, a semi-retired chartered accountant from Milton Keynes, said: “Our lifetime savings were invested in Lloyds and RBS. We had about £500,000 invested, including a £100,000 inheritance from my wife’s mother"
My sympathies to Mr Peters. He has been shafted by a greedy banker. Surely the lesson from that story is don't keep all your eggs in one basket.
2. devo said...
David Peters said..."We had about £500,000 invested...our savings are now worth £20,000."
A 96% drop - ouch.
It's good job he's a financially literate accountant, or his losses could have been a lot worse.