Tag: merger

NBNK shares suspended amid merger talks

NBNK shares suspended amid merger talks

Shares in financial institution NBNK has had its shares suspended on AIM after it confirmed it is in merger talks. The bank, which is run by Gary Hoffman who is the former chief executive of crisis-torn Northern Rock, was established a year ago to make acquisitions and is set to build a significant presence in [...]

September 6, 2011 | 0 Comments More
Co-operative Financial Services to axe 670 jobs

Co-operative Financial Services to axe 670 jobs

Manchester-based Co-operative Financial Services (CFS) has announced plans to axe more than 600 jobs as part of a strategic review. The group said 670 field based jobs will go after conducting a review of its life insurance and savings division following its merger with the Britannia Building Society in August 2009. CFS, which has 8 [...]

July 18, 2011 | 0 Comments More
15,000 more jobs to go at Lloyds Banking Group

15,000 more jobs to go at Lloyds Banking Group

Banking giant Lloyds is to axe a further 15,000 jobs, as part of a cost-cutting exercise and will see the bank withdraw from international banking. The job cuts were first unveiled by the Sunday Times earlier this month but have only been confirmed today. The banking giant, which is 41% owned by the taxpayer, has [...]

June 30, 2011 | 0 Comments More
Lloyds Banking Group set to axe thousands more jobs

Lloyds Banking Group set to axe thousands more jobs

According to a report in the Sunday Times, banking giant Lloyds is set to axe a further 15,000 jobs, as part of a cost-cutting exercise. The job losses are expected to be revealed at the end of this month by chief executive, Antonio Horta-Osorio, who assumed the role earlier this year after being poached from [...]

June 13, 2011 | 0 Comments More
Lloyds Banking Group announces more job losses

Lloyds Banking Group announces more job losses

Banking giant Lloyds has announced it will axe a further 360 jobs and transfer 140 members of staff to another company. The banking giant, which is 43% owned by the taxpayer, has now axed more than 27,000 jobs since its merger with HBOS at the height of the financial crisis, some of which were due [...]

May 26, 2011 | 0 Comments More
Yorkshire agrees merger with N&P

Yorkshire agrees merger with N&P

It has been confirmed that Yorkshire Building Society will merger with smaller rival Norwich and Peterborough (N&P) Building Society. The announcement comes after much consolidation in Britain’s mutual sector, as a result of funding pressures. Meanwhile, the news comes after N&P, which is Britain’s tenth largest society, was fined earlier this week by the Financial [...]

April 20, 2011 | 0 Comments More
N&P fined for mis-selling Keydata products

N&P fined for mis-selling Keydata products

The Financial Services Authority (FSA) has today announced that it has fined the Norwich and Peterborough Building Society (N&P) £1.4 million for giving unsuitable advice on its Keydata products. The Watchdog said the group failed to properly assess the financial circumstances of many of its customers and often designated them as having a higher tolerance [...]

April 18, 2011 | 0 Comments More
Lloyds investor group lodges claim for compensation

Lloyds investor group lodges claim for compensation

Shareholder group, Lloyds Action Now, is claiming former business secretary, Lord Peter Mandelson, withheld evidence in the build up to the merger of HBOS and Lloyds TSB. The group, which was established in 2009, claim their savings were wiped out following the controversial merger, which took place at the height of the financial crisis. The [...]

March 28, 2011 | 0 Comments More
Norwich and Peterborough to repay £57m to Keydata investors

Norwich and Peterborough to repay £57m to Keydata investors

The Norwich and Peterborough Building Society (N&P) is to repay £57 million in compensation to customers who were sold its Keydata product. N&P sold Keydata products from 2005 but it was placed into administration in 2009, with 30,000 UK investors facing the loss of £450 million. The collapse of Keydata represents the largest investment failure [...]

March 23, 2011 | 0 Comments More
Yorkshire Building Society in talks with N&P

Yorkshire Building Society in talks with N&P

It has been revealed that Yorkshire Building Society is in talks with smaller rival Norwich and Peterborough (N&P) which could lead to an acquisition. The announcement comes after much consolidation in Britain’s mutual sector, as a result of funding pressures. Late last year, Coventry Building Society and Stroud & Swindon merged, creating a business with [...]

March 20, 2011 | 0 Comments More
Lloyds Banking Group to axe a further 570 jobs

Lloyds Banking Group to axe a further 570 jobs

Banking giant Lloyds has today announced it will axe a further 570 jobs and outsource more than 560 positions. The banking giant, which is 43% owned by the taxpayer, has now axed almost 27,000 jobs since its merger with HOBS, some of which were due to overlap following the merger. The latest round of job [...]

March 17, 2011 | 0 Comments More
Further strike action at British Airways

Further strike action at British Airways

The merger between British Airways and Spanish airline, Iberia, was completed today - creating Europe’s second largest airline. However, the deal will no doubt be overshadowed by the news that British Airways cabin crew have voted to strike again, the Unite union confirmed today. Unite said its members voted by 5,751 to 1,579 to take [...]

January 21, 2011 | 0 Comments More
Norwich & Peterborough confirms merger interest

Norwich & Peterborough confirms merger interest

Norwich & Peterborough Building Society (N&P) has today confirmed it has received an approach about a possible merger. The building society, which is Britain’s tenth largest, said it had received “a number of expressions of interest,” as well as the possibility for the injection of fresh capital. In a statement, the firm said: “Like other [...]

December 16, 2010 | 0 Comments More
Lloyds wields the axe at its Black Horse division

Lloyds wields the axe at its Black Horse division

Banking giant Lloyds has today revealed it is shedding 420 positions at its Black Horse personal finance unit. This brings the total number of job losses to 22,000 since its merger with HBOS in autumn 2008, which resulted in 41% ownership by the taxpayer. Commenting on today’s announcement, the Unite union, said it was “appalled” [...]

November 9, 2010 | 0 Comments More
Thomas Cook and Co-operative travel agents to merge

Thomas Cook and Co-operative travel agents to merge

It has been announced today that high street travel agents, Thomas Cook and the Co-operative Group, are to merge their chain of travel agents. However, the deal will bring “inevitable“ job losses due to overlap within the two companies. The transaction will create a 1,200-branch network and will save more than £35 million a year [...]

October 8, 2010 | 0 Comments More
Orange and T-Mobile merger brings reduction in workforce

Orange and T-Mobile merger brings reduction in workforce

Everything Everywhere, the company that runs Orange and T-Mobile in the UK has announced it will reduce its workforce by 7.5%. The merged mobile phone giant said the majority of the cuts would be made among back office, headquarters and management. The combined company, which has a 37% share of the UK mobile market, has [...]

September 30, 2010 | 0 Comments More
Coventry Building Society announces record results

Coventry Building Society announces record results

Coventry Building Society, which is scheduled to finalise its merger with smaller rival Stroud & Swindon next month, has today announced record results for the six months ending June 30. The UK’s third largest building society said pre-tax profit grew by 20% to £43.5 million - compared with £36.2 million in the same period a [...]

August 18, 2010 | 0 Comments More
Lloyds/HBOS merger could be scrapped

Lloyds/HBOS merger could be scrapped

According to the Daily Mail, the controversial takeover of HBOS by Lloyds could be scrapped if a Government investigation establishes it has damaged competition. The hasty takeover, which took place at the height of the financial crisis, created a banking giant but has been heavily criticised and has resulted in thousands of job losses because [...]

August 9, 2010 | 0 Comments More
FSA approves Coventry Building Society merger

FSA approves Coventry Building Society merger

The FSA has approved a proposed merger between Coventry Building Society and Stroud & Swindon Building Society. Under the merger the two financial providers will come together from the start of September. The newly formed organisation will be called Coventry Building Society, and will be based in the Midlands. The merger was first announced in [...]

August 6, 2010 | 0 Comments More
British Airways hit by ash cloud and strikes

British Airways hit by ash cloud and strikes

British Airways (BA) today announced losses widened after the airline was hit by disruption from the volcanic ash cloud and cabin crew strikes. The company said pre-tax losses widened 10.8% to £164 million for the three months to the end of June, compared with the £148 million loss it made in the same period a [...]

July 30, 2010 | 0 Comments More