Agreed, but it really tags me off when people like Bruce rabbit on about their day, how good they were and how things have fallen to pieces since they left!!!
I ended up a snr lending mgr, 4th board in Bruce's currency, I have a strong regional accent, no degree, no public school background, hated conservative associations, voted labour through tradition and an inbred mistrust of the tories. I did have good common sense though, and could shape a lending proposition. In Bruce's day, i would have never got past cashier though, because i went to the wrong school and didn't speak proper, so it was never going to be "my turn"!!
The bank changed in 1992 though, with the introduction of IJA and promotion on merit
Rest away Brucie, - so you put £3.6M lending on in 5 years? only £720k a year increased lending - and how much of that was personal and how much business? And how much new to bank? And you dare to criticise today's lenders and blame them for flat lending!! I KNEW you would be public school by the way!
I worked in commercial Bus dev't for my last 10 years - my personal target, and that of my peers, was up to £6million of new to bank SAFE lending in each HALF YEAR. Men and Women (you didn't have those in your day did you?) Target always achieved! So i fail to see how your figures make you feel that your case is rested, they actually prove the opposite!
I do wish you would throw away your rose tinted spectacles, you might have been a bearded wonder, and might have been a good lender, i have no way of knowing, but most of your generation were not - They were promoted beyond their capabilities, and were totally snobbish in their lending decisions, leading to some dreadful lending!! I know - i saw it as a manager's runner to some of the most incapable lenders i ever saw - your generation !!
Well Iq got my board appointment in 1980 sole 1b from Inspectors Assistant a very unusual move. I got it up to 1A lending from£400 k to £4 million in 5 years. I was a bit of a maverick having a beard, member of BIFU and also chairman of local Conservative Association. managers were a mixed bag but certainly not buggies turn. Some were public school like me but most not. Only a small percentage of the 40k staff made it. There was the Business Advisory Service where I worked with Lewis Evans who became a bank CEO. Many specialist roles. TQhe bank post Brian Pitman lacks zip somehow. And do manager today have a discretionary limit. Companies are crying out for support and lending is flat. I res my case.
Bravo for your response to old Brucey boy. Having worked in the branch network in the eighties and nineties I agree whole heartedly with your synopsis of how most managers gained their role, my experience were these people were mostly middle aged, usually male, jolly men who liked liquid lunches and golf. I'm pretty sure there was a drinks tray in their office also and let us not forget the ability to smoke at work in those days. Of course not all branches or managers were like this!
Couldn't agree more, Calisto. Everybody who's anybody in the Financial Press has spent months arguing over who the "heroes" of the miraculous recovery are; who's responsible for the dramatic turnaround in the UK's fortunes. Was it Georgie? Was it Kid Carney over at the Bank of England? I don't think that the real heroes have been identified and they certainly haven't been rewarded yet. They are the shareholders of RBS and Lloyds. Absolutely true that they owe their own salvation to the taxpayer, yes, but by golly, those two banks have paid the country back in bloody spades! We've had to do without any return to dividends for years longer than ethically necessary in order for this total scam of a PPI fiasco to continue pumping billions into the economy. It must be obvious by now to the most isolated bushman out in the Kalahari that every claim coming through now is probably at least undeserved, at worst fraudulent. Down at our pub they are heartily sick of me coming back at their "bank-bashing" with "how we saved the British economy". Do I really believe this? Too bloody right I do.
Bruce - Ah Bruce, makes me wonder how the bank is surviving without your skills.
The "generalist" branch managers were all pensioned off because they were just that - generalists - and in the main did not serve the business community very well at all for a number of reasons. Poor analytical skills, an unwillingness, or inability to shape a marjinal proposition, and the fact that most Branch managers promoted before 1992 were promoted into role because it was their turn/ good at golf/ spoke with the right accent did not help business
The split into business, commercial and large corporate managers which took place in the years after 1992 gave the bank and customers the specialists that they needed, from people promoted on merit rather than buggins law, providing skilled support to the customer base that the old branch managers could never hope to match - I remember credit scoring coming into the junior end of Business banking, but these decisions were a guide, not mandatory. The bank still retains a strong skill base of managers who know how to provide finance to businesses of all sizes, and who can promote a full range of solutions without having to resort to conditional lending
Too true. When I went on my advance course I was amazed at the poor quality of many applications submitted and that was in 1979. However there were many entrepreneurial managers such as Ålan Beeson at Camberly and a chap at .125 Oxford street whose name I cannot remember. In head office later Brian Pitman was exceptional. These people did not need credit scoring. look at Stuart Dyer and his book "General Principles of Bank Lending" . All that is now completely down the pan. At least Lloyds does not have an investment arm now. BUT they can move money about and manage it so it will make plenty in future but with expertise even more. What do small businesses do which want to become bigger?
In my time I had 5 personal lending managers,and they all relied upon credit scoring,and flogging as many PPIs as possible,,',,,,,,,no real lending skills whatsoever.....on the Business side credit scoring was just coming in and the 3 lenders on this side were generally more skilful and once they had passed Accountsncy in Part 2 IOB they could at the very least read a balance sheet and interpret accordingl.I also worked from time to time in a Regional Office looking at big ticket propositions..".....it was amazing at some of the very marginal propositions sent forward
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