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Seany
Spot on
Something rotten in the state of Denmark !
thank for sharing seany....been really busy elsewhere gl
I DONT THINK THE MARKET BOUGHT NUNNIES IDEAS((((
Skier
Good luck to anyone whose job is to manage 50k home-rental tenants in the UK!
Agreed, if the quadrupling of CITRA budget is real news I am surprised they would accelerate a completely unproven team and project so quickly. Lots of reputational risks to LLOY if they screw up as a housing provider , not to mention the obvious financial consequences.
As potentially positive it is to hear "expansion" from Lloyds after a decade of cutting and consolidation, with parallel development in the long suffering share price, I remain sceptical about these plans:
- Becoming a landlord is putting more eggs in the same UK basket with potentially more problems than benefits. Lloyds is already the biggest mortgage provider...
- Expanding the Private Bank business. I have been a client of Lloyds private bank for 20 years as well having worked as an MD for the commercial bank and there was never any appetite to build new products/services or sell anything else than current/savings accounts and loans. The private bank employs lovely people but it is a lost cause. Now, when living abroad, they can t even offer me a term deposit...
- Investment Bank? Lloyds do not have an investment bank, they have a commercial bank which, apart from a few years of excellent leadership by a previous manager who was forced out by AHO, has been cut cut and cut. They are number 3 in the SME segment and 4 in Mid Market and do not have the scale or the ambition to build market share.
- US. The US proposition has always been a bit of a joke.
In conclusion, as relatively big share holder I wish them all the luck. BUT, the culture in the company is so corrupted by internally focused "government style leaders", social justice metrics and extreme focus on lending, lending and more lending. For a large company to change focus to develop fee based services requires such major changes it is unrealistic.
Better to sell off the commercial and private banks and focus exclusively on UK mortgages and basic retail banking.
Good luck to anyone whose job is to manage 50k home-rental tenants in the UK!
My mate managed a few-hundred tenants, low to mid earners, and it was just a daily tsunami of verbal abuse, property destruction, and payment-chasing. Spill a bottle of red wine on the carpet, push a sofa over the stain, and then deny it was them. That kind of thing.
The Guardian is going to have a field day, with the endless stories of woe-is-me tenants who want Lloyds compo!
seany123,
your link does not work
https://www.ft.com/tour.
https://www.ft.com/content/1de87bf6-e791-489b-962c-578471af4509
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https://www.ft.com/content/1de87bf6-e791-489b-962c-578471af4509
The growth plan would mark a reversal in Lloyds’ strategy after the bank was forced to dramatically scale back its presence in commercial and investment banking after its 2008 government bailout.
Lloyds declined to comment.
The Financial Times previously reported that the bank had set a “strategic challenge” of owning 10,000 residential rental properties by the end of 2025, with a further aim to reach 50,000 by 2030, making it one of the UK’s largest landlords. Hitting the first target means Citra would have a balance sheet worth about £4bn and generate about £300m in additional pre-tax profit.
The quadrupling in funding planned by Nunn marks a far stronger commitment to expanding the business. As recently as October, chief financial officer William Chalmers played down the bank’s ambitions in the area, calling Citra an “exploratory exercise”.
Another plank of Nunn’s strategy will be to build out the UK wealth management business, focusing on digital services for the mass affluent segment, customers such as doctors and lawyers with up to £1m to invest, rather than the ultra-rich, the people familiar with the plans said.
A joint venture with Schroders has posted disappointing growth since it was announced in 2018. Overall wealth and insurance customer net inflows also slowed to £5bn last year from £18bn in 2019. Lloyds is hoping that its existing relationships with 14m UK households will allow it to accelerate customer acquisition.
Financing the net zero transition will be another area of focus. ??Lloyds has hired a 23-strong ESG investment banking team that includes recruits from industry, such as from miner Rio Tinto.
Recommended
Cat Rutter Pooley
Prepare for Lloyds Bank to spend it like Sunak
Nunn — who worked for McKinsey before he became a banker — also wants to see more cross-selling to commercial and corporate clients from the investment bank, particularly in foreign exchange, trade finance and lending.
He wants to “drive growth, responsibly expand risk appetite and geographic borders,” another person familiar said, adding that the strategy is not yet finalised. “He doesn’t just see Lloyds as a UK bank. It has a lot of international clients and it needs to do more to support them abroad.”
Lloyds is considering recruiting a team in New York — the first time it would have a significant presence there for a decade — to help its UK clients invest in US infrastructure projects.
Lloyds’ share price has recovered about 30 per cent this year, but is still down by about a quar