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HBOS uses fake name to hide £500,000 event

HBOS used a fake name to book a £500,000 event in order to avoid public criticism.

The part state-owned bank made the bookings under the name “One Team” and managers at the Birmingham NEC were sworn to secrecy over who was arranging it, according to reports in the Daily Mirror today.

A year ago, HBOS came in for criticism after it organised a black-tie party for managers and a conference at the ICC in Birmingham after taking the Government bailout.

The party was eventually cancelled due to the outcry though the conference went ahead.

A Lloyds spokesman said: “This is an important annual event that is used to update colleagues within our Community Bank about the company’s future plans. In line with most major organisations, we remain very sensitive to the financial pressures people are facing up and down the country; we continue to keep a close eye on all our costs, including events such as these.”

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. These bankers live on planet ZOD …Flog them ..water board them ….then electic shock treatment them …Saddam did less damage to world peace ..than this bunch of Bankers…sorry did i spell Bankers with a B or a W ..Sorry.should have been ..W

  2. I’m all for having a Christmas party, but what’s that, £500,000 for 3,000 guests – £166 a head? How much of a contribution did the troops on the front line get towards their Christmas parties this year (assuming they were actually allowed to hold one)?

  3. I was at this conference. One Team is not a fake name, it’s something Halifax retail has been working on for most of the year – bringing staff in banking, mortgages, and bancassurance together as One Team (and yes these are the troops on the front line, re Sir Malcs posted comment). The idea being to deepen customer relationships rather than just look for more customers thus increasing profitability. It was by no means a ‘Christmas do’ I can promise that, in fact is was quite boring, but essential for everyone to get the same message. If the One Team thing works then it should increase retail profits by £26m, so not a bad investment potenitially. As for xmas parties, the company budget was £35 per head this year. Some attendees at the conference had decided to go the night before and stay over (at their own expense), and have a night in Birmingham (at their own expense).

  4. It’ll be interesting to learn how many hundreds of thousands of pounds of our money the FSA blows on this year’s Christmas bash.

    £214,000 last year and apparently it wasn’t even very good. One might reasonably expect that in view of the salaries the FSA pays, plus the desirability of setting a good example in these difficult times plus, of course, what the FSA claims on its website about how it aims to use its resources in a prudent and cost effective manner, that those who wish to attend would be asked to meet half the cost. Hardly unreasonable, is it?

    What chance of that, I wonder?

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