I had drafted a fairly political post about the impending takeover of HBOS - but now is not the time.
One of the great historic Scottish institutions is about to be swallowed up by a lesser competitor. Why? If you like, you can attach the blame to a bunch of City wideboys who have been short selling.
But the consequences for Scotland, and for Edinburgh, are likely to be severe. It is not just the jobs in the bank itself, but in all the associated businesses which serve this massive institution, from the auditors to the sandwich shops. And the loss of prestige and influence that attaches to having one of Europe's biggest banks headquartered in Edinburgh.
A sad day.
2 comments:
It is a sad day and serious for Edinburgh in particular. However HBOS had it coming. They overborrowed in the credit markets like Northern Rock and those markets dried up. Tempting though it is, it's too easy to blame the city wide boys; they scented blood because HBOS management like RBS in adifferent way had made mistakes, the most notable of which was to abandon traditional Scottish banking caution
Hell mend them, they were tainted with Jacobitism from the start.
And no doubt the directors will be picking up yet more massive bonuses for successfully negotiating the 'merger'.
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