Wind of Change

As the final quarter approaches with gusto it seems that somethings never quite change at Lloyds Banking Group.Now known as Lloyds Bank Commercial Products its understood that despite the cull of front office staff lloyds_banking_group_logo_2610in February this year another set of people are set to leave on October 1st via the now traditional reapplication of jobs via desktop selection.This will be the fourth such process since Lloyds under government pressure bought out HBOS in one of the worst acquisitions in recent years.The resultant fall out has seen a number of causalities in senior management with the latest being Andrew Gezcy who left the bank a few months ago and is now at ANZ banking .

    Despite adopting the so called culture of excellence by hiring people from prestigious Tier 1 banks Lloyds has struggled to translate the culture change into revenue amid diminishing client businessbridge and FX volatility.The latest process involves the forward FX desk where 2 from 5 people are set to leave.In the past ready-made replacements have been waiting in the wings so it remains to be seen if this is merely a continuation of the same process that has seen so called “lifers” at Lloyds exit or an admission that the road ahead is a rocky one for the black horse.

However if speculation is to be believed then Lloyds fortunes could take a rapid upturn as UKFI is rumored to be considering selling its stake in the bank.Shares have doubled in the last 12 months and traded at 78.4 pence this morning.The decision will be made by UKFI and communicated to George Osborne who would be keen for a banner event ahead of the Conservative Party’s annual conference which is scheduled to begin on September 29th.One thing is for sure Lloyds will continue to make headlines one way or another as we head into year end.

About Hetal Patel - Chief Editor, Europe

Hetal Patel has written 58 post in this blog.

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