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Tin Foil Hat

C & G Branches Not To Close Now - Anecdotal

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My wife went to Lloyd's to discuss opening a savings account for our first child we're expecting next Feb.

She was also talking about an old C&G account she has from her childhood, and apparently the Lloyd's staff were told a couple of days ago that the C&G branches would not now be closing, and they were told it was because "the computers" couldn't do all the functions from the Lloyd's system.

This is patently a b-oh-locks excuse as any nerd worth his salt would confirm, so I am expecting a demerger (if they ever did merge) and consequent sale of C&G.

Can you buy shares in C&G? I suggested we punt £500 on shares if you can and in theory there'd be a little bubble when it got sold off (although I am ready to be corrected on this theory by more knowledgeable HPC'ers).

I've had a shufty for better evidence of this but nothing jumps out at me: NewsNow Search


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Lloyds flip-flops on C&G decision

Mortgage Solutions | 24 Aug 2009 | 09:00

Last week, LBG reversed its decision to close 164 C&G branches in November to focus on building its intermediary business. The firm also stated that the 928 jobs at C&G which would have been affected, would remain in place while it contemplated its options.

LBG's refusal to confirm the reason behind its change of heart fuelled speculation that the European Commission (EC) demanded the group sell some of its assets to offset some of the competitive advantages resulting from Government aid.

Danny Clarke, analyst at Shore Capital, speculated that LBG was keeping the branches open to ensure a sale and to appease the EC.

Looks like they want to kill it, but the EC won't let them. Anti competitive or something. Strange really, what will it matter when we are all slaves under one global bank?

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It's entirely possible that it would take a long time to port all the functions on the C&G backend over to lloyds - equally possible that it would be very expensive. It could still be a 'not yet' sort of thing.

Anecdotally, i spent just over a year working in germany for a bank on what was supposed to be a 3 month odd performance testing project - a port of their backend from one mainframe to another, replacing old epos terminals with a web based app, and upgrading all the other little applications along the way. There were over a hundred seperate apps identified that would need work, about 20 of which were high risk enough to need performance testing. When i finished, the work was still ongoing.

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