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Lloyds Dumps 420 Employees

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http://uk.finance.yahoo.com/news/lloyds-sheds-420-personal-finance-jobs-reuters_molt-83e32cb4ead9.html?x=0

13:49, Tuesday 9 November 2010
LONDON (Reuters) - Bailed out lender Lloyds Banking Group (LSE: LLOY.L - news) said it would shed a further 420 jobs, taking the total number of job cuts since it bought rival HBOS two years ago to 22,500.

NO doubt to help raise cash for the Crimbo round of super-bonuses.

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Not a day goes by without hearing of big job losses however when the Gov monthly numbers come out they are usually static :huh: is it that all those who have got the chop turn overnight into McDonald burger and chip fryers or Pizza delivery guys

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http://uk.finance.yahoo.com/news/lloyds-sheds-420-personal-finance-jobs-reuters_molt-83e32cb4ead9.html?x=0

13:49, Tuesday 9 November 2010
LONDON (Reuters) - Bailed out lender Lloyds Banking Group (LSE: LLOY.L - news) said it would shed a further 420 jobs, taking the total number of job cuts since it bought rival HBOS two years ago to 22,500.

NO doubt to help raise cash for the Crimbo round of super-bonuses.

Correction:

Lloyds dumps 420 employees, but allows them to continue living mortgage-free in their underwater homes, so as to maintain the illusion of high property prices and avoid writing down a loss on the books.

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It seems to me walking around my city that banking has too much capacity. Like 3 banks on some corners, in addition to independent mortgage brokers. To a large extent I think the 'solution' was too take HBOS out of the picture.

Now having said that there is tons and tons of opportunity for these giant banks to expand globally.

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I have banked with Lloyds since 1964. Since that time the service has deteriorated year on year. the staff are not as efficient as they were over forty years ago. Getting rid of a few will make little difference today.

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Do Lloyds and HBOS still have separate banking licences and hence separate banking guarantees? Anyone know?

Money saving expert has a nice table of who owns who and the relevant FCFS cover. Can't find it for you though.

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I have banked with Lloyds since 1964. Since that time the service has deteriorated year on year. the staff are not as efficient as they were over forty years ago. Getting rid of a few will make little difference today.

A surprise. I had you down as a C. Hoare & Co man.

p-o-p

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Not a day goes by without hearing of big job losses however when the Gov monthly numbers come out they are usually static :huh: is it that all those who have got the chop turn overnight into McDonald burger and chip fryers or Pizza delivery guys

I can partly explain this. The govt. figures given always relate to people out of work and claiming JSA. People with savings or reasonable redundancy payments wont show as they are ineligible for JSA There are about 1.2 million unemployed people in this category I believe, including me.

Also some of the job losses are done via natural wastage eg early retirements.

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A surprise. I had you down as a C. Hoare & Co man.

p-o-p

I was but my chaffeur objected to driving into central london on week days

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http://uk.finance.yahoo.com/news/lloyds-sheds-420-personal-finance-jobs-reuters_molt-83e32cb4ead9.html?x=0

13:49, Tuesday 9 November 2010
LONDON (Reuters) - Bailed out lender Lloyds Banking Group (LSE: LLOY.L - news) said it would shed a further 420 jobs, taking the total number of job cuts since it bought rival HBOS two years ago to 22,500.

NO doubt to help raise cash for the Crimbo round of super-bonuses.

The latest round of redundancies I think relates to their BLack Horse Personal Finance area where they used to write personal loans. It always struck me as a bizarre operation ... what they used to have is 60 secondary retail "shops" where they would get people in through local direct mail and typically write loans of around £1,000. What was truly bizarre is that they used to write these loans on a personal basis, with each manager responsible for his/her own book and making sure payments were up to date etc....... it really wasn't the most efficient way to operate a lending book, but the personal and local touch ensured it made a bag load of cash.... which by the by it could hardly fail to do as some of the APR's were many 100's of %... alongside the sixty store closures there will be mass redundancies in Cardiff as well, which I suspect has already had quite a few Halifax redundancies to cope with.

I think they are still running the Black horse finance vehicle lending operation you see in many garages and it's just the dodgy loans they have stopped taking new business into...... I imagine they realised that the economy at the end of the market they fish in was not going to turn around soon and as probably the only lender in that secotr they recongnised that now was the time to pull out and leave it to the loan sharks.

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It seems to me walking around my city that banking has too much capacity. Like 3 banks on some corners, in addition to independent mortgage brokers. To a large extent I think the 'solution' was too take HBOS out of the picture.

Now having said that there is tons and tons of opportunity for these giant banks to expand globally.

Every day you call for more QE to keep these parasites in the life they have become accustomed to.

Who on earth would want any of these banks in preference to their own ones? Absolutely no reason at all to prefer one of these over many regional alternatives. Piss poor rates, dubious lending practices and online front end systems that in many cases just about match a slapped up website.

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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