Friday, 19 September 2008

The Bank with no name


After all the turmoil of the HBoS and Lloyds TSB merger and the shocks of the last few days there is now talk of lessons being learned. But at least one lesson already seems to have been learned by the Prime Minister himself.
In the bad periods there is rarely the time for the sober measured reflection that there is in the good times. The luxury of consultations, focus groups, soundings, polls, samples, spin and reappraisals of the situation is unavailable. The job of the leader is to look at the evidence, ask advice of the experts, evaluate the options and decide on a course of action.
At last, after Northern Rock, the 10p tax cut u-turn, Vehicle excise duty flailing, Poca card account, corporation tax limits and the stamp duty holiday/non holiday announcement, the PM finally gets it.

The job of the leader is to lead.
Whether the decision to force a merger through, overriding regulations and precedents, will be judged to have been sound and wise is almost immaterial. If further adjustments or regulation is needed it can be done later.
Prime Minister Brown has learned to take action. Maybe that noose will feel just a little looser around his neck.

As Tuco said in The Good,The Bad and The Ugly
"When you have to shoot- - -Then shoot, don't talk."

8 comments:

Ed said...

Interesting that you mention the "branding" of the new mega-bank. That is what we have been discussing at the water-cooler here. Perhaps it doesn't need a name until the dust has settled, then it can call itself The Bank.

roym said...

will they really disappear the bank of scotland brand? prepare for the 2nd battle of stirling bridge!

Bill Quango MP said...

Its going to be called "The Royal Blank"

Chequebooks come with a big blank space on the front that you write in whatever the name of your bank is on that day.
Or maybe just the letters

The Royal____ HSBC-TSB-HBOS-A+LABBEY-HMG-FUNDED-BOA

Anonymous said...

It's by no means certain that it'll be Lloyds TSB taking over HBOS. HSBC are preparing to buy - it may be an investment bank, it could be a collection of smaller banks, it could be RBOS or HBOS, or it could be nobody. They have a large bespoke mortgage campaign ready to launch if they don't buy (similar to Ratematcher from earlier in the year). The price Lloyds TSB is paying is less than HBOS is worth. HSBC have been preparing to expand into Scotland for a number of years, and it would be ideally placed to make a better offer as far as customers and investors are concerned, as it would involve very few branch closures.

Now that the offer is accepted by the HBOS board, HSBC have a month or so to make their minds up before it goes too far towards Lloyds TSB. The Government is unlikely to complain, the %age market shares would be similar to what they would be with Lloyds TSB, however there would be less redundancies, and BoS would likely be more intact if HSBC go for it.

Sackerson said...

Sounds like the Pub With No Beer.

DWMF said...

I propose "Lloydsamoney". :-)

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