Thursday, 18 September 2008

"Un Ugly Face - Of Capitalism"

HBOS Chief Executive Andy Hornby [[left] shakes
hands with Lloyds TSB Chief Executive Eric Daniels

Andy Hornby, the chief executive of crisis-hit HBOS, is to receive shares worth almost £2 million in Lloyds TSB following yesterday's emergency takeover.

The head of Britain's biggest mortgage lender will get a multi-million pound stake in the new bank despite HBOS having to be rescued from the brink of collapse.

Mr Hornby, 41, is also expected to continue to be employed by the new bank.

Staff, however, were told that it was inevitable that thousands of jobs would go at the merged company and 600 branches might close. Alistair Darling, the Chancellor, insisted that the headquarters of the new group should remain in Scotland to preserve jobs there - a move that may anger thousands of English staff casualties.

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