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They should all hang their head in shame over the treatment of Carl Borg-Neal, especially
the HR Director.
This is symptomatic of how poor management decision making has become within Lloyds and the lack of courage evident in the Boardroom to do the “right thing”. The Reading fiasco has not taught this Board anything.
The Anonymous Charlie Nunn continues to take his large salary plus bonuses whilst providing zero momentum to the share price.
Corporate ineptitude on a grand scale…
Not be CEO in 12 months time
Share Price December 2022 - 96
Share Price December 2023 - 64.87
Performance D-
MDV 1/6 to be CEO in 12 months time.
Headwinds:
Ofcom
Class Action
MP’s rejecting 3 Merger
Fewer rate cuts as inflation proves sticky.
Upsides:
Only a turnaround in revenue, customer growth and debt reduction will amend market sentiment.
Unknowns:
How patient will e& be - could they exit in 2024.
Poor language skills by Blanc - could be her Alison Rose moment. I wonder if Farage is insured through Aviva?
Debated in the H ofC today.
MP for west Dorset eviscerated Voda Customer Service - hardly supportive speeches. Main concerns, loss of choice, redundancies, price increases and security because of 3 China connection.
Great timing by Ofcom to hit Tele CO’s with review of inflation mid contract term increases on top of the ‘Class Action’ recently announced. Talk about kick a company when it is down…..
Investment in infrastructure is vital to UK competitiveness and the Roll Out of 5G critical so hurting these debt ridden companies with these issues must warm the governments heart…
I have not forgotten that the Corbynite Labour Chancellor, J Hunt, increased corporation tax substantially also but did give some relief on Capex in the Autumn Statement.
All this will do is ensure the price of mobile phone contracts will change and in the end cost more.
Hopefully this will galvanise Vodafone Management into greater urgency to address their issues, MDV and van Boxmeer your timeframe for a successful turnaround has just shortened.
The last set of results disappointed materially with the increase in the debt from 32b to 35billion. In this higher interest rate environment it was the last thing the market wanted to see.
But did MDV kitchen sink stuff to give herself a clearer run into 2024?
Whatever, next step of results needs to show her strategies are beginning to work with growth in revenues and a significant debt reduction programme in place.
van Boxmeer has been a disastrous Chairman, no crossover from Heineken revitalising parts others cannot reach so far, the market will hunt this share down until MDV and van B give them a compelling reason not too.
I am not that confident…..
Failure to bring a more convincing story on growth and debt reduction by the next set of results will be the end of these two.
I cannot see any significant rabbits appearing in the next few months, revenue growth in each of their markets and debt reduction essential to move sp upwards.
All the posters on here today should be focussed on the reasons this share continues to underperform not whether it is great or not to bring back Cameron or whether it is great or not to sack Braverman.
Spelling on here is atrocious - Sunack, thier and embarressing - all 3 reflect this board today.
It is good to get rid of a CEO if he has lost the confidence of his largest shareholders as Read did, despite the fact that van Boxmeer endorsed the strategy for 2 years b4 he acted to save his own reputation. MDV’s road is much harder than Read’s due to very choppy market conditions - we will see if she can present results that do not disappoint the market as VOD will be punished if she does. Let us hope the groundwork has been laid so that the figures do not have any nasty surprises and that the forward guidance is more positive.
Let us just pay her remuneration compensation and move on.
No, that cannot be right, let us hang it out and give NF all the oxygen he needs to continue damaging their reputation.
The whole NW Board should hold their heads in shame, unprofessional and prejudice - a bank to avoid.
Their largest shareholder should say - “Do not pay a penny in compansation.”
NAV is just over 47p on 63 billion shares.
In 2015 the NAV was over 50p on 71 billion shares.
Pre Covid the share price was over 60p when interest rates were near zero.
Now with a more healthy NIM the share price is 41p and in the interim period substantial buy backs have occurred.
The LSE has LBG on a P/E of approx 5.5, Barclays on a P/E of less than 4 - that tells you all how the markets are so concerned about the level of debt everywhere and where they value banking shares. Value destruction will continue and the overpaid Boards of these banks can do nowt about it.
The results are fraught with danger
The FCA has to be investigating the quality of the NWest Board for accepting the DSAR on NF which is so unprofessional and Venal in content,
The Treasury must have opposed any compensation to a discredited CEO who has committed Gross Misconduct,
The Honours Office should be considering to rescind the Knighthoods of both Sir Howard Davies and Sir Chris Bryant and Dame Alison Rose for acting in a manner unbefitting of their privileged status.
Any contractual protections Alison Rose may have are trumped by her disgraceful actions and the ordinary NW shareholders, constituents of Sunak and Hunt and customers of NatWest will be assessing their loyalty depending on the revelations.
If I was NF I would be suing them for serious damages under libel law.
The Risk Director who cost Barclays over £500 million a couple of years ago is proving to be equally adept at destroying shareholder value as CEO.
Go get your big bonus Venkat, the market holds you in such high esteem, a P/E of less than 4.
Over the last 12 months M&S and Rolls Royce have been successful turnaround stories. In both the market has recognised their growth prospects and have shown confidence in their management.
The Banks, however, continue to drift downwards continually pursuing policies that attract journalistic wrath both financial and editorial.
Each set of results is underwhelming and the dividends continually held back by share buy back programmes that have done nothing for the share price or the shareholders return.
I despair with the Board of both banks, they are substantially overpaid for their performance.
No wonder the institutional shareholders look elsewhere for their returns, the banks are toxic in their outlook and performance.
Hopefully next weeks results will be slightly better than expected and the shorters get burned.
I live in hope….
Disclosing slanderous and false information to a journalist about a customer cannot be construed as any thing other than Gross Misconduct in my opinion.
The NatWest Board cannot sanction any pay off and she should also lose any pension entitlements.
This is what would happen to any ordinary member of Nat West staff acting in the same way as Alison Rose.
The Institutional Shareholders and the FCA cannot let this happen, it will say the whole system is rotten if they fail to oppose a payout.
He is my vote for the CEO of the year.
Whilst fully endorsing a ESG agenda and continually disappointing the market with below expectation performance, he still holds on to his job whilst pocketing at least 80 times the average Lloyds employee salary - outstanding performance from him and the Board.
Why do we pay this Board of Directors a fortune in remuneration to consistently underperform,
profits below market expectations, a dividend return lower than pre covid, a share price that stays locked in the doldrums. When will this Board ever present a set of figures that excites the market?
Until they do, should they even consider paying themselves a bonus?