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Posts Tagged ‘Lloyds HBOS’
Financial Reputations
December 6, 2009 | 
Author There’s something very odd about the world that financiers live in. Unlike the rest of us they don’t seem to really care what everybody else thinks about them. Take the question of bonuses; uniquely they feel that whatever they do or have done, they deserve a bonus. Take Lloyds Bank of Scotland boss Daniels who’s decision to merge the two banks must be one of the most catastrophic destruction of shareholder value hasn’t stopped him from being offered an eight hundred thousand bonus for “integration” of the two banks. Wasn’t that his job anyway?
Only last year Richard Snook, senior economist at the Centre for Economics and Business Research, said: ‘It is just not politically feasible that any British clearing bank is going to pay out large bonuses.’ That’s what he thought and many people think now (December 2009) but bankers feel very differently and see them as their due.
In reputation management terms, the financial world seems to have very little to manage their reputation properly. The furious commentary from the public and the seeming lack of strategy from banks and their communications agencies is puzzling.
The bonuses will almost certainly lead to more political flak and more political oversight in the longer term. The banks may be able to afford lobbyists, but they certainly have very few friends.
Posted in Bank Reputations, Company Reputation, Reputation Management | 
Tags: Eric Daniels, Lloyds HBOS | 
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How low can Lloyds Go?
Poor Lloyds HBOS. They are the banking equivalent of Gordon Brown: whatever they do makes them look like either stupid or dishonest. The latest economies of truth feature the revelation that HBOS had received substantial amounts of state aid before their takeover by Lloyds Bank. Shareholders are asking why they were not told this “material” information at the time of the takeover. Whatever the bank says, shareholders won’t be happy as the transaction must be one of the largest destroyers of shareholder value in business history.
Of course, Lloyds is denying any worngdoing. Is there a course these people go on to teach them how to deny everything.
This comes a week after Lloyds HBOS denied any further relationship with the “best of banker of his generation” Peter Cummings who was seen entering their headquarters last week. If they are not doing anything with him, why was he entering the building?
Banks have stooped to new lows when it comes to thinking through their reputation management. They still don’t get it when it comes to transparency and sentiment.
The problem for LloydsHBOS is that management reputation is entirely destroyed but as ever, management don’t see it that way and continue to plough on. The Armada anyone?