Newsletters From BTU
Running Down The TUPE Clock
The new JV is going to be branded “Schroders Personal Finance” (SPF) and the number of advisers will increase from 300 to 600 in three years, and we expect that figure to double thereafter. It seems that running down the clock is catching on. Much of the goodwill...
Letter To Andrew Bailey, Chief Executive Of The FCA, Regarding Lloyds Gamin Overdraft Charges
Please click this text to view a PDF version of the letter.
Jam Tomorrow For JV Staff
The announcement today on the new JV terms and conditions is long on jam tomorrow but short on detail. What have HR been doing since October to produce this set of terms and conditions? The terms announced today could have been put together in one week and could have...
Davos Man & More Job Cuts
Apparently the Bank’s investment in training - which most staff have not seen any evidence of yet and are probably not likely to before they are made redundant through automation and digitisation - is to make staff “useful” for the future. This is according to...
Regulatory Arbitrage
When addressing a group of Wealth Management Advisers on the Joint Venture (JV) with Schroders, one regional manager said: “the hounds will be set free”. He then explained that because there would be less regulatory scrutiny and supervision of the new business by the...
Letter To MPs: Lloyds Banking Group – Gaming Overdraft Charges
Please click this text to view a PDF version of the letter.
10,000 Jobs Wiped Out By Thought Machine
Lloyds Banking Group (LBG) plans to bypass its current IT system and replace it with Thought Machine’s cloud based core-banking platform called “Vault”. LBG recently invested £11 million for a 10% stake in Thought Machine, a Fintech set up a few years ago by a group...
The Fintech Revolution?
One of the main reasons for replacing the Group’s current core-banking platform with a digitally native platform like Thought Machine is to counteract the effects of open banking and the rise of fintech and Third Party Providers (TPPs). The rules require UK banks to...
Pay 2019 – Blackmailing Staff?
The 2019 pay pot is 2.6% compared to the current rate of inflation of 3.2%. On the Group’s own figures that means the vast majority of staff will yet again get pay increases less than the cost of living. That at a time when the Group posted a statutory profit after...
Mind……The Gender Pay Gap
Lloyds Banking Group recently reported its April 2018 gender pay gap results in line with the Equality Act 2010 (Gender Pay Gap Information Regulations 2017). The Groups mean gender pay gap reduced narrowly from 32.8% (2017) to 31.5% (2018). In other words, women in...
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