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By Bernard Taylor, Ian Morison

Riding strategic swap in monetary prone outlines the $64000 tendencies and political judgements that have remodeled the monetary companies undefined. It examines how corporations are responding to the hot versions by means of imposing new recommendations, new buildings and new administration platforms. 5 senior executives describe how they've got each one helped to create and enforce a pragmatic imaginative and prescient for his or her firms.

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G. Lloyds TSB and NatWest, which o n c e had world­ wide networks have also sold off some of their international subsidi­ aries to focus their efforts in Britain and selected international markets. The struggle for survival During the 1980s, under pressure from international competition, British industry and c o m m e r c e was decimated by redundancy pro­ grammes: 120,000 jobs were lost at British Steel, 50,000 at ICI, 3 0 , 0 0 0 at British Airways, etc. But although bank and building society branches multiplied on the high street and banks and insurance companies seemed overstaffed, financial services businesses seemed immune from the pressures of international competition.

In 1997 alone, through conversions and take-overs by banks, the assets of the building societies declined from £ 3 0 0 billion to £ 1 0 0 billion, and the societies paid their members over £ 3 5 billion. Also, during the 10 years from 1 9 8 6 / 7 to 1996/7, the number of active societies fell by a half from 140 to 70. # Some mutual life insurance companies have also announced their intention to become companies and a few have been taken 15 D R I V I N G S T R A T E G I C C H A N G E IN F I N A N C I A L S E R V I C E S over by insurance companies.

As banks divested their undeφerforming busi­ nesses, downsized their work forces and closed their branches, their profits soared. The banks which grew by merger and rationalisation did particularly well as they eliminated duplicated services and branches. The outstanding British performer was Lloyds TSB. In the twelve months to 9 August 1997 the price of Lloyds TSB shares doubled from 3 4 6 p to 742p, and the return on shareholders' funds rose to 40%. Standard Chartered shares also almost doubled in price over the same period.

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