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Funny how IMF has a negative outlook on global growth while supporting de-growth strategies such as reduction in use of fossil fuels and opposition to supply side strategies and lower taxes to reduce inflation and stimulate growth.
After the IMF supported human catastrophe in Sri Lanka and WHO's disastrous involvement in the Covid virus, it feels like the UN needs to be cut down in size in order to support a more prosperous human race.

If you have access, there is a good summary/analysis/commentary about the UK situation in WSJ under " What Really Went Wrong in Britain".

Debt is around 400MM, market cap is now 300MM and LTV is 43ish%. It sure feels like is not adding up....

Thanks Hardup!

Thanks very much all.

The last two days several unusually large trades have taken place.
Does anyone have any insight into the origin or purpose of these trades?
Thanks.

My observation working there for about 5 years on MD level is that the retail banking brands are usually very well run and provides the engine of cash generation. Mortgage and current accounts market shares are topped out. The problem lies when you go outside outside of that... In terms of commercial, the larger the clients the worse market share and product capability. The SME business is good but they never managed to be more than number 3 in the UK (they really only lend). The mid market business is solidly number 4 (out of 5). These business should be able to double or treble in size but are stuck due to terrible management and poor product innovation and delivery. They cannot compete properly with Barclays, NatWest or HSBC. This is not a growth stock but a fantastic cash generator and I suggest that only by exiting the Global Corporate Business, further cutting international, simplifying the Institutional business (exit primary and secondary bonds) will their bottom line grow. Credit cards, insurance, car leasing are decent businesses but will not grow much. The private Bank ( I have been a client for 20 years) is a lost cause. Lovely people but absolutely no capabilities apart from Lending. Just put it with Retail...

SD235. Big lunch ???

Tomorrow

I agree, the numbers coming from the balance sheet are very compelling indeed. But that's not all that hits the bottom line..

https://uk.finance.yahoo.com/news/bank-hasn-t-cheap-since-050000230.html?.tsrc=applewf

I believe Oldfield is on his way out as Head of the Commercial Bank which is public (and incredibly good) news.
Also, I would not be surprised if Lorenzo is also on his way out. He had a very good run under Antonio so perhaps it is soon the end of him.
I would not read too much into it.

Today's call was informative but noticeably short of Alex Short in my view. More value to be expected as deals close and I feel the pipeline is attractive. Any opinion on this please??
The thing that put me off was a question I asked about ESG following a slide they showed which detailed what they are looking at when determining the ESG profile. I asked if this was a regulatory requirement or a voluntary and was told the UK government is now prescribing this (a bunch of really stupid questions if you ask me). So far so good. But the additional commentary I got was flabbergasting. It is one thing to follow the regulation (I implemented Mifid2 at a bank...) but it is quite another to believe the Government's b/s which clearly the deputy PM did with some moral commentary based on, in my view, nothing. I now worry about this investment as until today I was quite happy to double up. I have gone through a lot of pain the clean my (active) portfolio, and purchasing, as much as possible from political and social agendas I disagree with but now AEWU is on my warning list. The question is how much is ESG impacting returns for AEWU and what ESG alternatives are there globally?

MANY THANKS!

Lloyds essentially removed the idea of meritocracy perhaps 5-7 years ago when I ran a team of 100ish people there.
The metrics was never focused on client focus / quality(or shareholders) only lending and increasingly woke metrics. They ran big spreadsheets with race/gender metrics and as a manager you had to deliver a certain composition. They also ran multiple "LGBTQ" initiatives so suddenly employees started focusing on that as senior managers were always present. It was perceived to be a better play in your career to be active in those groups rather than excel in your job. It was an entirely internally focused culture and I am not surprised at all about the Halifax debacle. Unfortunately I sit on a decent amount of shares due to deferred compensation and I am sceptical if the shares will every recover from a decade of poor management. When a new CEO arrives and the first thing you see of him is a story about his cycling you know something is wrong...

Any perspectives on today's drop? Volume was very small. Cheeers,

I invest in AEWU. Their quarterly investors calls are great providing transparency. They appear systematic and professional.

Many thanks damofarl !

I have not seen the announcement either. Should have been June 6?

Good idea, I own several funds like this and have the same concerns. Is it possible to ask the managers to publish a one-off risk assessment with description of their potential hedges/decision? I don't mind risk obviously but as an ex FX option trader I always went home with a "war risk report" which 'smiled" at me at extreme volatility events.