Is HBOS safe in the hands of Lloyds Bank?
As the £12 billion acquisition of HBOS by Lloyds Bank is waved through by the government many customers are asking if their funds are safe with Lloyds Bank? Or will there be another run on the banking sector?
Part of the reason why Lloyds Bank was 'chosen' by the government, which is behind the deal, is the fact that the City sees the bank as a safe pair of hands. It has long been appreciated that Lloyds Bank is one of the more conservatively run banks in the UK which is partly because it got its fingers so badly burnt during the 1980s with the third world debt crisis. So if any bank is qualified to lead the HBOS group to recovery then it is Lloyds Bank.
However, the news on the employment front is not so good with some observers suggesting that up to 40,000 jobs may be at risk in what would be the largest job cull in UK banking history. Whether these figures are on the high side or not, there will literally be tens of thousands of job cuts with the two operations 'doubling up' across many areas of the UK. What price for a strike by the Unions?
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