Adverts for the “new” TSB reveal the brazen shamelessness of the financial sector. They tell the story of the Reverend Henry Duncan who in 1810 founded “a bank for hard working local people”. The new bank has been created by the Europe Union forcing the giant Lloyds to divest itself of a proportion of its business. Clients have been arbitrarily assigned to the new bank, after which they can choose to stay or to take their money elsewhere. The gruesome machinations of international financial institutions and EU bureaucrats could not have less to do with the establishment of an ethical people’s bank back in 1810. But that doesn’t stop them spinning this preposterous yarn.
“You won’t find us doing things like investment banking, international funding or big corporate finance”, they say. But it is exactly those things that led to the state rescue of HBOS, their subsequent takeover by Lloyds and this latest demerger.
“You won’t find us doing things like investment banking, international funding or big corporate finance”, they say. But it is exactly those things that led to the state rescue of HBOS, their subsequent takeover by Lloyds and this latest demerger.
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