Wow
Didn't think this would create a stir.

So yes, I'm bitter toward to the company that has provided me with a decent living for around five of the past 15 years, being, as I am a victim of the latest round of redundancies. It's more a timing thing - I could have done with a couple more years. Still, shit happens.

My wider point is that many of the financial institutions in this country (including part of the one I work for) used to be mutuals: Halifax, Leeds Permanent, Trustee Savings Bank, Norwich Union, Commercial Union, Northern Rock, Abbey National etc. etc.

It was the big demutualisation movement that created a bunch of plcs out of national/local institutions that used to offer savings accounts and mortgages, and didn't have to provide profits to their shareholders.

One these companies became plcs, they either got bought up by bigger companies or merged together to make marketing more efficient. What then happened was that there was a relentless drive for more profitability to please those shareholders - pension funds/insurance companies/fund managers for the most part.

Easy to do when there's economic growth in the economy, but when things slow down because the bubbles have all burst in the economic bath, and all you can see is your shrivelled penis and ball bag, how can you produce enough profits to please your shareholders?

You can't, so you have to make cuts and people lose jobs. It's like having a teenage son on heroin - you can pay for his fix so that he doesn't steal from you, but if you lose your job, he's going to be down the pawn shop with your telly, or you're going to go hungry.

OK, rant over.
(Che Grimsdale Best before:, Sat 27 Apr 2013, 13:27, 3 replies)

lol commie povvo

( Dr. Shambolic je suis charlie, Sat 27 Apr 2013, 14:51, closed)

Would the mutuals have disappeared if they
had remained a competitive place to invest? I don't know the answer to this but I do know that people aren't saving in banks any more because of dreadful interest rates. So where are they investing? Property via buy to let is a boom market. How do you get in on this? Take a mortgage from the (non mutual) bank. So the banks have found a way to make far more profit from people's savings than they ever did on savings accounts. No surprise really. Banks were never about giving people a fair deal were they?
( edjogs Collared doves are shit., Sat 27 Apr 2013, 21:47, closed)

it's a very generous redundancy package though.
You'll be getting about 15 months pay as your payoff, which is about 20 months take-home pay, assuming you're a basic rate taxpayer. The first 30 grand is tax free as well.

Silver linings, innit?
(dozers, do fuck off ur a nob m8, Sun 28 Apr 2013, 9:33, closed)