The changing face of banking has Egg on it
Egg was one of several banking brands introduced to revolutionise finance. Most had revolutionary names to show how untraditional they were – Marbles, Cahoot, Smile, Goldfish, IF, for example. But ironically, they were invented by the existing financial establishment of the 1990s such as Abbey National, Halifax and the Co-op.
Egg was laid by the boring old Prudential. It fooled a public eager for something new, however. Egg had over 3m savers and borrowers before the dotcom bubble burst. But people who chase new banks run away to others just as quickly and Egg has only 550,000 customers left to sell to the Yorkshire Building Society.
Pru floated Egg, which was big enough to be in the FTSE 100. But when it couldn’t sell its majority stake after the bubble burst it was forced to bid to buy back the shares it had sold. In 2007 Citibank bought it for £575m but the Americans’ expansion plans were thwarted by the financial crisis which revealed the poor quality of Eggs loans.
City sold the credit-card business to Barclays this year and is now selling the rest to Yorkshire – probably for less than £20m.
So the face of banking has not changed. Now the government is trying again to change it, forcing Lloyds and Royal Bank of Scotland to sell swathes of branches and customers. Yet RBS’s estate was bought by Santander, the old-order owner of Abbey National and other established UK brands, and the shortlist to buy Lloyds’ 600 cast-off branches has been embarrassingly short.
The dotcom crash and the financial crash have combined to concentrate UK banking onto even fewer owners than before.
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City sold the credit-card business to Barclays this year and is now selling the rest to Yorkshire – probably for less than £20m. So the face of banking has not changed. Now the government is trying again to change it, forcing Lloyds and Royal Bank of
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Discover posts $84 million Q4 loss as Goldfish flops
Discover Financial Services (NYSE:DFS - News) today reported a net loss for the fourth quarter of 2007 of $84 million ($0.18 per share), including a non-cash impairment charge related to the company's Goldfish business in the United Kingdom of $391 million ($279 million after tax, or $0.58 per share). Excluding the impairment charge, the company earned $195 million ($0.40 per share), 4% above last year. On a pretax basis, the company reported a loss of $88 million for the fourth quarter of 2007 ($303 million profit excluding the impairment charge), as compared to a profit of $186 million for the fourth quarter of 2006. "While we are disappointed with the impairment charge in our UK business, Discover's overall fourth quarter profit before tax, excluding this charge, increased by 63% over last year," said David Nelms, chief executive officer of Discover Financial Services. "Our U.S. Card business achieved solid growth in sales volume and receivables, strong credit results and improved revenues and operating efficiencies. In our Third-Party Payments segment, our network volume reached almost $25 billion in the quarter, an increase of 28%. For the International Card segment, our loss before impairment was substantially reduced despite an elevated cost of funds and high credit losses." Managed loans grew for the seventh consecutive quarter to $48.2 billion, up 5% from last year, and strong sales volume continued, increasing 6%. Credit quality remained strong, but delinquency rates increased from last quarter. The managed credit card net charge-off rate of 3.84% was up 14 basis points from the third quarter of 2007, but was 15 basis points lower than last year. The managed credit card 30+ days delinquency rate was 3.59%, up 43 basis points from the third quarter of 2007 and 20 basis points from last year. Fourth quarter pretax income of $8 million was up 9% from the fourth quarter of 2006 due to higher revenue related to increased volumes, partially offset by higher marketing and pricing incentives. Third-Party Payment debit and credit volume was $24.5 billion for the fourth quarter of 2007, up 28% over last year, reflecting the impact of new financial institution signings as well as increased volumes from existing financial institutions. The pretax loss of $423 million for the fourth quarter of 2007 included the non-cash impairment charge of $391 million.
Goldfish Credit Card - Bookshelf
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