Lloyds Axes Cheltenham & Gloucester (C&G)

Lloyds Banking Group is to close all 164 of its Cheltenham & Gloucester (C&G) branches in the UK, with the loss of up to 1,500 jobs.

This follows the disastrous merger earlier this year, set up by Gordon Brown, with HBOS.

There is one glimmer of "good" news, Andy Hornby (the ex CEO of HBOS who destroyed value at HBOS) has found work with Alliance Boots as their CEO (earning around £1M per annum).

I wonder if the soon to be ex employees of C&G will be equally fortunate?

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A Collective Spanking

Sir Fred Goodwin and Sir Tom McKillop, the former chief executive and chairman of RBS, will apologise for destroying one of Britain's leading bank at a meeting of the Treasury Select Committee today.

Also attending the trial by humiliation will be Andy Hornby and Lord Stevenson of Coddenham, the former chief executive and chairman of HBOS.

Whilst all of this may make the politicians feel important as they are seen to flex their muscles in the headlines, the very pressing questions of what to do about bonus payments in the future, and how to avoid a similar disaster needs to be addressed.

Chancellor Darling has promised a review. Unfortunately that will not be completed until the end of the year. Just in time for the next round of bonus payments!

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Vote of Confidence in HBOS

The BBC reports that senior management and staff at HBOS have bought over £6M of the bank's shares after a steep fall in the firm's share price last week.

The bank said the move was a "demonstration of confidence" after it was hit by "malicious rumours".

HBOS CEO, Andy Hornby, spent £414,000 of his annual bonus to buy 92,812 shares.

HBOS executive directors and 250 senior managers, purchased 1.4 million shares at 446.25p.

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