View more on these topics

Commercial lenders attack Lloyds job cuts

Business Lending has slammed Lloyds Banking Group for cutting staff from its business lending division.

Business Lending sales and marketing director Kevin Cooke says that by cutting staff from the small and medium-sized enterprise it has proved that banks are still not expanding their lending to businesses as they have pledged.

He says: “The recent announcement by Lloyds to make 625 staff redundant from their SME lending division really sums it up. We are seeing many excellent quality cases presented to us at Business Lending that have been turned down by high street banks for it seems no real reason.”

Business Lending says its brokers are still seeing a huge gap between the hype of increased lending and the reality.

Cooke says: “Lending from banks has not improved markedly and there is no sign that this situation is going to change any time soon. We know from the deals that cross our desks; we can see first hand evidence of banks’ reluctance to fund good quality deals. Unfortunately, we are only able to take on a small number.”

“After all the money that has been poured into banks by the government, with the proviso that they begin to lend again, this latest redundancy news in the very department which is crucial to new lending is a slap in the face to SMEs.

“There’s a crying need to help good businesses and we know from the cases we see that there is a tremendous opportunity to not only offer assistance to hard pressed SMEs but also to generate rock solid new business lending which will stand any stress test and generate good returns.”


Perfect vision

Do you want a wrap to define or power your client proposition? Do you even want a wrap or just an investment platform to power your own vision of the future? When setting out on the journey towards a platform-centric approach to business, we took a great deal of care to ensure that it was the latter outcome that we achieved.

Recording sickness absence cover - thumbnail

White paper — recording sickness absence

The latest figures from the Department for Work and Pensions illustrate that sickness absence is still a major cost to businesses, with an annual bill for sick pay and associated costs to employers of £9bn. This paper from Jelf Employee Benefits looks at the importance of recording sickness absence for any employee health strategy and how this can be carried out in an efficient manner to reduce absence, improve employee engagement and drive up profits.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm