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The last few months have seen the differing strategies and opinions of the Bank of England and the government come to the fore at a time when the UK economy needs all parties to be pulling in the...
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Monday 28th July 2008
As we approach the bank reporting season in the City it looks as though the banks will be out to paint as bad a picture as possible in the short term to justify the many cash calls we have seen. The general consensus suggests that banks will see profits down 30% on average for the first half of the year, but banks such as Alliance and Leicester may well report profits for the first 6 months being wiped out due to the credit crunch.
While there will obviously be close attention to forecasts and views on the short, medium and longer term prospects for the sector, many eyes will be on the management of the likes of HBOS. HBOS shares have fallen by 70% from the high last year and there are serious concerns of a lack of accountability. Nobody is suggesting that the credit crunch has not had a major impact but it seems that in times of trouble many of these leaders of the industry have been left wanting.
Institutional investors such as Legal and General are calling for changes at the top of some of the UKs leading banks, suggesting that many are in need of a new management approach and new personnel. Whether the banks will heed to these demands in the short term remains to be seen, but institutional investors are starting to flex their muscles. |
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