HBOS boss on a £60,000 month to assist Lloyds TSB
It has been revealed that former HBOS chief executive Andy Hornby is receiving £60,000 a month to assist Lloyds TSB in the final stages of the planned merger of the two groups. Yet again this blows away
UK government plans to punish those who have harmed the long-term credibility of the UK financial markets with a seeming return of the greed factor which has plagued the sector for so many years.
While there is no confirmation as to the length of Andy Hornby's contract with Lloyds TSB there is real discomfort in many quarters that the man seen by many as the reason for the collapse of HBOS is now benefiting to the tune of over £700,000 a year. Andy Hornby was relieved of his duties with HBOS after the bank hit trouble and he has quietly returned to the stage on a massive salary!
From Lloyds TSB's position it does actually make sound business sense but the fact that so many investors, employees and customers have suffered from the collapse of HBOS is the main concern for many. Quite how the government will react to this move, bearing in mind the billions of pounds of taxpayers money which are set to pour into the sector over the coming weeks and months, remains to be seen.
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