Lloyds Bank.. what a shame!

[Nosha123]

http://news.bbc.co.uk/1/hi/business/8014489.st m

So - they are axing a load of staff in the next 2 years... Do they expect our sympathy that they are a struggling business in a time of recession. When I was in TWP branches recently it was immediately apparent that they have been spending MILLIONS of pounds on complete new interiors and new cashier areas... its all open plan and office like now and no glass screens or booths....
Must have cost a small fortune yet these people are all losing their jobs (unless of course they were all cr8p at their jobs in the first place and it just an excuse to clear out some dead wood!)

[squarebear]

I don't see any reason to not have sympathy at people losing jobs. It's hardly the poor lass on the counter who decides to upadte all the branch design is it?

[Nosha123]

No I meant for the Company.. not the people.... The Company spent all that money on nice swish interiors.. and then decided - oh whoops.. we better get rid of a few staff!

Perhaps if they handt spent it all on interiors in the first place eh!!! Those people might not be out of work!

[VHG]

>Perhaps if they handt spent it all on interiors in the first >place eh!!! Those people might not be out of work!

Any company that does not update and improve their interiors and make the place welcoming is soon going to go out of business.

How many Woolworths looked old fashioned and stale, and look what happened to them.

"image" is vital in the retail business and if your shop looks uninviting people wont go in and you will lose business.

[Nosha123]

Yes.. but I think its a little foolhardy for such a radical overhaul in a recession. Would you as a business really want to be 'seen' as spending a shed load of money in a bid to look trendy and modern then announce a whole load of job cuts.

I would have thought they would be a little more sensitive to the General Publics perceptions of how they have been spending their money.

The Lloyds interiors were hardly of 'Woolworths standards.. and had been updated just a few years ago. Was it necessary to update now.. or should they have postponed the activity and saved jobs!

If you were the one losing your job - I bet you would be a bit miffed!

Also.. VHG.. Banks are not the Retail business!!! They are Finance.. Yes image is important in retail.. but less so in financial institutions.... a finance institution should be a little more aware of money, spend, and recession!! Or so you would think!!!

[redcrx]

the new interiors for the banks were at least supplied by British companies.

[Nosha123]

Well yes Redcrx there is that to it!
It does seem a little insensitive to be spending like that though in these times!

[redcrx]

but if no-one spends "these times" will get worse

[Nosha123]

again.. true.. But surely you need to evaluate the cost of your staff.. then the cost of running the business and then the cost of the refurb... maybe Lloyds knew they would be making these redundancies and refurbed anyway!

It's not like the banks have a conscience anyway - or we wouldnt all be plunged into this mess!

We need to refurb our building here - at work - but have decided to wait til next year - since we would prefer to try to keep our staff than lose them and have a pretty building!

[Banali]

The decision to renovate will have been made at least 2-3 years ago if not before. A major roll-out programme like this is planned a long long time in advance. A few branches are refurbed at a time and for an organisation as large as Lloyds, the programme probably lasted at least 2-3 years from first to last branch.

The money will have been earmarked from previous years profits, partly to reduce tax.

[R1Geezer]

Well I bought a load at 38p and sold for 94p last week, awesome!

[Nosha123]

Bought a load of what R1 Geezer.. shares...

Good for you!!!! Well done..

How many did you buy?

[jake-the-peg]

Buying bank shares Geezer?

Was Ladbrokes closed?

[R1Geezer]

10K worth, why pi55 around

[R1Geezer]

I've got no place for my savings these days since Noo Labour keep adjusting interst rate to the best part of Fcuk all for those numpties who live their lives in debt.

Any way I'm looking for a new home now!

[Nosha123]

that's just bl&&dy fantastic!!! How long did you have them before you sold them on!

Wish that a) I had done the same! and b) was brave enough to take the risk in the first place! Dont think I could do it!

[Nosha123]

Hey R1.. I am looking for a private investor if you or anyone knows anyone who is miserable with their current interest rates.... Looking to pay up to 5.5% on money invested on our self build...

Want to do it without the banks.. they pi&&ed me off and now they wont make a bean out of me!!! Someone else will instead!

[jake-the-peg]

Trouble is Nosh - banks stock is high risk right now.

Many of them are so low that small changes can be big gains or big losses.

I know someone that nearly bought some a while back because they "couldn't go any lower" then they did!

Don't put money you can't afford to lose on stuff like that

[R1Geezer]

Well you see I knew that the governemnet could not allow the banks to fail and I also knew that the market cap on LTSB and Barclays for that matter meant that the price was cheap as long a they didn't go completely down the Kazi so it was really a matter if time in this case about 6 weeks. Share prices are mostly about confidence. A mate of mine had 200K at various prices on the way to rock bottom.

[Nosha123]

WOW.. R1 you make it sound like easy money!!!

It is of course the risk you choose to take as with all shares.... and I do agree with Jake that you shouldnt spend what you cant afford to lose....

Good for you R1 for having the guts to do it!!!!!
Nice to see someone other than the actual banks making money out of them!!!

[R1Geezer]

It's far from easy, and jake is spot on, the banks are volatile, I was prepared to wait as long as necessary so it is only a risk if the banks collapse and if that happens money doesn't matter anyway so I figured that sh1t all is happenning savings wise so in a way it was like betting on the end of the world. I've played the stock market for years and these chances are rare.