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HBOS takeover clockwatch - Tuesday, January 20
Turmoil in the financial world has seen the shares of Britain's biggest mortgage lender, HBOS, plummet further than those of any other bank. The result: The business is being taken over by Lloyds TSB.
But what will be the cost to the thousands of HBOS staff - including more than 6,000 in Calderdale?
Follow the story right here as it develops with our clockwatch, which charts how the financial world has been rocked in the days leading up to the HBOS fall-out and will keep you up-to-date as the takeover goes ahead.
Tuesday, January 20
Shares in the new Lloyds Banking Group plunged by 33 per cent to close at 65p last night after its first day of trading.
Click here for the full story
Monday, January 19
A NEW banking giant comes into existence today.
Until now the Lloyds TSB takeover of HBOS has shown little change – the HBOS signs are still up at the Trinity Road and Copley sites. The difference is that HBOS shareholders now own Lloyds Banking Group shares.
Click here for the full story
Friday, January 16
HBOS shares have ceased trading as the bank prepares to be swallowed up by Lloyds TSB on Monday.
Read the full story
Thursday, January 8
HBOS could be under Lloyds TSB control in less than two weeks.
The target date to complete the takeover is January 19, the Courier has learned.
Click here for full story
Tuesday, January 6
HBOS could be under LloydsTSB control in less than two weeks.
Read the full story
Friday, December 12
HBOS shareholders have voted in favour of the Lloyds TSB takeover bid.
Read full story
Friday, December 5
THE Halifax will continue to be a familiar high street landmark when the bank is taken over, Lloyds TSB announced today.
Read the full story
Friday November 28
PREMIER Gordon Brown was at the HBOS headquarters in Halifax today to bolster staff worried about the Lloyds TSB takeover.
Read the full story
Friday November 21
Two former Scottish bankers conceded defeat today in their battle to force a rethink on the Halifax Bank of Scotland takeover by Lloyds TSB.
Read the full story here
Details of the Lloyds TSB takeover of HBOS may not be revealed until the middle of January.
Answering questions at a public meeting last night, Rosa Wilkinson, head of public policy for Lloyds TSB, said: "It is frustrating but at the moment there are more questions than answers.
Read the full story
Thursday November 20
The vote by Lloyds TSB shareholders yesterday to approve the bank's takeover of HBOS was good news for jobs in Halifax, according to a union chief.
Ged Nichols, general secretary of Accord, said it would have been disastrous if the vote had gone the other way.
Read the full story
Wednesday November 19
LLoyds TSB shareholders are reported to have voted overwhelmingly for the bank to takeover HBOS at its annual meeting in Glasgow today.
Click here for more
The main union representing HBOS workers has given its backing to the Lloyds TSB takeover.
Accord made its judgment after a detailed study into the Office of Fair Trading Report, which looked into the proposed takeover and believed HBOS risked being sold off piecemeal if the deal failed.
Read more here
Thursday November 13
The woman who will head the retail operations of HBOS once it is taken over by Lloyds TSB has visited Halifax.
Helen Weir held meetings at the Halifax Trinity Road headquarters and met staff in town centre branches.
"I have been very impressed by the people I have met," she said.
Wednesday November 12
MP LINDA Riordan is seeking a meeting with rival bidders for HBOS because she says she wants to "see the colour of their money."
Read the full story
Tuesday November 11
Gordon Brown today dismissed calls for Lloyds TSB's takeover of HBOS to be scrapped - insisting it was the only "serious" bidder.
Despite reports that the Bank of China was in early talks over backing a rival offer, the Prime Minister said there was only one "realistic" option.
Read the full story
The Bank of China has emerged as a potential bidder for an alternative takeover of HBOS, it was reported today.
Click here for the full story
Monday November 10
An attempted rival takeover of HBOS by two former bank bosses has been rejected, its chairman has revealed.
The former chief executives of Bank of Scotland and Royal Bank of Scotland had written to HBOS calling for its chairman and chief executive to resign.
Read the full story
Friday November 7
A Parliamentary motion to keep the Halifax brand alive when the banking giant is taken over has been put forward by Halifax MP Linda Riordan.
In an Early Day Motion put to the House of Commons, Mrs Riordan has asked for pressure to be maintained on Lloyds TSB to keep the Halifax name as a going concern.
Read the full story
Thursday November 6
Skills, local economy and transport links are at the centre of the case put forward to keep HBOS jobs in Halifax.
The document, The Yorkshire Solution, prepared by development agency Yorkshire Forward was presented to Lloyds TSB chairman Sir Victor Blank.
The document puts the case for keeping 6,500 HBOS jobs in Halifax.
Read more about it here
Wednesday November 5
HBOS staff will have to wait for firm decisions on the future of the Trinity Road headquarters in Halifax as speculation mounts over job losses.
Read the full story
Monday November 3
Halifax MP Linda Riordan has expressed concern following reports that a potential new bidder is looking at HBOS in the hope of snatching the bank away from the proposed takeover deal with Lloyds TSB.
The SNP's Alex Neil claimed a group based abroad that did not have a major high street presence in the UK was expressing interest in the bank.
Read the full story
Friday October 31
A Huddersfield MP has called the announcement by Lloyds TSB that Yorkshire-based HBOS executives will have no place in the merged bank a 'conspiracy to keep Yorkshire out of the loop.'
Read the full story here
Monday October 27
Six weeks after the HBOS takeover was announced, Lloyds TSB boss Eric Daniels still has no fixed plans to visit Halifax.
Two weeks ago, a spokesman for the American head of Lloyds said he would be visiting at the earliest possible date.
But when the Courier spoke to his office, nothing was on the calendar and his office said it was still too early to say when the visit might take place.
Read the full story
Friday October 24
Lloyds TSB has said today it expects to take over HBOS in January.
Click here for the full story
Monday October 20
Senior executives of Lloyds TSB have been urged to put themselves in the shoes of workers in Halifax whose jobs are under threat by the planned takeover of HBOS.
Labour MP Linda Riordan met the Lloyds representatives at Westminster and told them how important the Halifax is to Calderdale.
Read the full story
Wednesday October 15
Chris O'Connor, a customer service advisor at HBOS, Copley, has written to the Courier's Your Say to thank MPs Linda Riorden and Chris McCafferty and other political parties for their support of the HBOs workers in Halifax.
Click here to read the full letter
Monday October 13
TORY leader David Cameron has expressed support and concern for the 6,000-plus men and women employed in Calderdale by the Halifax.
And he has backed Gordon Brown's rescue package which will mean the Government taking a 41 per cent stake in the troubled bank, when it is takenover by Lloyds TSB.
Click here for more
The terms of the takeover deal between Lloyds TSB and HBOS have been re-negotiated, despite assurances weeks ago they would remain unchanged.
HBOS shareholders will now get 0.605 Lloyds shares for every HBOS share, against the original offer of 0.833.
And the Halifax boss, Andy Hornby, announced he would step down once the takeover has been completed, scheduled for the beginning of next year, without taking advantage of the 1.6million pay-off he is entitled to.
The news comes on the day the Government's 37billion bail-out of the UK banking sector is to be implemented.
The government is to inject 17 billion into the merged 'super-giant' bank.
HBOS will raise 11.5 billion from taxpayers, made up of 8.5 billion in ordinary shares and 3 billion in preference shares, while Lloyds TSB is to get 5.5 billion.
Click here for more details
Thursday October 9
Lloyds TSB boss Eric Daniels will soon be challenged to visit Halifax.
Despite pressure from the Courier, the bank's group chief executive has so far failed to give a date for his visit to the town.
Read the full story
Doubts were cast over the takeover of HBOS by Lloyds TSB last night after an extraordinary day in which the Government unveiled a 500bn rescue package for the banking system and interest rates were slashed by 0.5 per cent.
The high-risk measures aimed to restore confidence in the banking system after two days of stock market chaos and spiralling fears over the global financial system.
But they fuelled speculation in the City about whether the merger of HBOS with Lloyds TSB, which threatens thousands of Yorkshire jobs, was still necessary.
Read the full story
Wednesday October 8
Shares in HBOS plunged 42 per cent yesterday - the biggest fall on the Stock Exchange.
Prices in the company, which is looking to be taken over by Lloyds TSB, dropped 66.8p to 94p. Lloyds shares meanwhile slumped 33.5p to 225.5p.
Concerns over the takeover are expected to be raised by Halifax MP Linda Riordan with Prime Minister Gordon Brown today.
Read the full story
Monday October 6
The first names have been signed on a petition to keep HBOS jobs in Halifax.
Read the full story
Friday October 3
A petition is being launched aimed at protecting HBOS jobs in Halifax.
Forms will be distributed outside Halifax Town Hall at 9.50am tomorrow calling for jobs to be kept in Calderdale in the bank's link-up with Lloyds TSB.
Read the full story
Thursday October 2
Top-level talks between council chiefs and HBOS have taken place to try to limit the impact locally on thousands of expected job losses.
Shane O'Riordain, general manager for group communications at HBOS, met Calderdale Council chief executive Owen Williams and newly elected council leader Stephen Baines.
Find out what was said
Tuesday September 30
12:45pm
Market doubts were growing today over the terms of Lloyds TSB's planned takeover of struggling HBOS.
Click here for the full story
Conservatives have been urged to back efforts to keep HBOS jobs in Calderdale.
Prospective Parliamentary candidate for the Calder Valley Craig Whittaker told the party conference in Birmingham yesterday that more than 6,000 staff "fear for their futures".
Click here for the full story
Friday September 26
An HBOS chief last night admitted that the bank takeover would lead to job losses – but details remain scarce.
Shane O'Riordain, the bank's communications manager, told a heated public meeting at Northgate House, Halifax, that no guarantees could be given.
Read more about what happened at the meeting
Thursday September 25
In an open letter to the Courier's Your Say page, HBOS chief executive Andy Hornby explains why he feels the takeover deal was the right one for his company.
Click here to read what he says
A public meeting to discuss the situation at HBOS is being held tonight at 6.30pm.
The meeting called by MP Linda Riordan takes place at Nalgo Bar, Northgate House, Halifax.
The Shadow Minister for Work and Pensions James Clappinson will also be in Halifax today to discuss HBOS with council leaders and to meet workers.
Wednesday September 24
It has emerged that a New York billionaire hedge-fund boss has bet millions against the share price of Lloyds TSB and HBOS. John Paulson is shorting shares in Lloyds worth 260 million while he has taken a 92 million gamble on HBOS.
Click here for the full story
MP Linda Riordan has urged banking chiefs to be more open on the future of thousands of Halifax workers.
In a busy round of talks yesterday, she met Rosa Wilkinson, director of public policy at Lloyds TSB, and Liza Vizard, head of public affairs at HBOS.
Click here for the full story
Tuesday September 23
11am
The former head of HBOS has admitted personal responsibility for the bank's demise.
But speaking exclusively to the Courier, outgoing chief executive Andy Hornby said he did the only thing he could under the "unbelievable" circumstances.
Read the full story here
10am
Halifax has the people, skills, buildings, history and dedication to drive banking forward, according to the town's residents.
Reporter Megan Featherstone took to the streets to ask why the thousands of threatened HBOS jobs should stay in Calderdale following the bank's merger with Lloyds TSB.
Click here to find out what answers she got
9am
The crisis engulfing HBOS has led to intense lobbying at the Labour Party Conference being held in Manchester this week.
Halifax MP Linda Riordan has spoken to chancellor Alistair Darling and expects to meet with Prime Minister Gordon Brown on the return to Parliament.
Click here for more
Monday September 22
4.30pm
The chief executive of HBOS Andy Hornby has told staff that agreeing to the bank's takeover by Lloyds TSB was "the right thing to do".
Click here for more
4pm
The independent trade union representing the majority of Lloyds TSB Staff - Lloyds TSB Group Union - is to demand that, following its takeover of HBOS, the Lloyds TSB Board should ditch its strategy of offshoring jobs to India.
Read the full story
10.30am
The Courier campaign to save HBOS jobs in Halifax has the backing of a top Yorkshire politician.
Rosie Winterton was meeting Lloyds TSB chiefs today along with regional development agency Yorkshire Forward.
Meanwhile Halifax MP Linda Riordan, who is also supporting the drive, has vowed to fight "around the clock" to keep jobs and has organised a public meeting for concerned staff and residents.
Click here for the full story
9.15am
Nearly a quarter of HBOS and Lloyds TSB's 3,000 high street branches could be axed, it has been reported.
Lloyds is said to have contacted several leading property consultants to close as many as 700 of their newly-combined group of premises when the 12 billion deal is completed.
Click here to read more
Saturday September 20
Lloyds TSB boss Eric Daniels is expected to visit Halifax shortly to see what he has bought.
The American has publicly praised the Halifax brand and is said to be keen to visit the Trinity Road headquarters and IT and the call -entre operations in Copley.
Click here to read more
Friday September 19
One HBOS employee whose future is secure is chief executive Andy Hornby.
At a press conference in London, it was revealed he had been in late-night talks with Eric Daniels, chief executive of Lloyds TSB, about his role in the new organisation.
And as part of the deal, Mr Hornby will receive shares in Lloyds TSB worth almost 2million.
Read the full story
10am
Fears are growing that the new bank will favour keeping jobs in Scotland rather than Halifax.
A statement said the enlarged group would continue to use The Mound, Edinburgh, as its Scottish headquarters. Annual meetings would be held there and "the management focus is to keep jobs in Scotland."
Craig Whittaker (Con, Rastrick) fears Halifax is at great risk from rationalisation. "If we are not careful we will be hit hardest," he said.
"How can they say they are going to protect jobs in Scotland and not Calderdale?
"Who is standing up for the jobs in Halifax which are a huge part of the local economy?"
10.50am
A huge campaign is launched today to keep key jobs and services in Halifax after the takeover of HBOS.
Lloyds TSB chief Eric Daniels has confirmed an unspecified number of jobs will be axed. The Courier is now galvanising support to protect the town from unprecedented job lossess and is calling for high street banking operations of the enlarged company to stay here.
Read all about it here
5pm
Halifax MP Linda Riordan has organised a public meeting about the crisis at the Nalgo Bar, Northgate House, Halifax, on Thursday, September 25, from 6.30pm to 8pm.
It has been revealed that HBOS chief executive Andy Hornby snapped up a great deal of his 2million of Lloyds TSB shares on March 20 – dubbed Black Thursday – when HBOS was rocked by a share-price slump.
Click here for more
The Courier today sets out three key reasons why the thousands of threatened Halifax banking jobs should stay in the town.
Click here to find out what they are
Thursday September 18
10.30am
Thousands of Calderdale jobs were under threat today after Lloyds TSB confirmed a 12.2 billion takeover of the Halifax.
The merger creates a new banking giant with around a third of the mortgage and savings markets.
Read the full story
10:30am
As the staff of HBOS wait anxiously to discover how the takeover will affect them, Brian Coates looks back at how the society started by a group of men in Old Cock Inn, Halifax, in 1852 grew to become a financial giant employing 60,000 staff in the UK.
Read the full story here
10:50am
HBOS head of communications Shane O'Riordan said the takeover was the best deal for the bank and staff - despite the uncertain implications for thousands of Calderdale families.
"It is a very important decision we have made and we have made that decision for all the right reasons," he said.
2.40pm
Prime Minister Gordon Brown has defended the decision to give the go-ahead for the HBOS take-over.
He said the government is "determined" to maintain the stability of the financial system and protect the UK's savers.
Gordon Brown pledged to "do everything to protect depositors in Britain, who need to have confidence in the banking system".
Wednesday September 17
Despite assurances from the bank's bosses that HBOS would survive the share price drop, rumours circulate that high street rivals Lloyds TSB are planning a takeover bid.
11pm: Lloyds TSB unveils details of its 12.2 billion takeover of HBOS.
Click here for the breakdown of the deal
Tuesday September 16
London's leading shares plunge to a three-year low as markets endure a second day of turmoil in the aftermath of the Lehman Brothers collapse.
The FTSE 100 Index falls 3.4% as investors continue to head for the exit.
Meanwhile, the Bank of England pumps a further 20 billion into frozen money markets as banks fearing losses hike inter-bank lending rates.
Shares in AIG fall another 63% on Wall Street as concerns grow it will need more money to survive the fall-out from the demise of Lehman Brothers.
Halifax Bank of Scotland (HBOS) seeks to reassure investors over its funding, but fails to prevent its shares slumping for the second day in a row, closing 22% lower.
Click here for the full story
Monday September 15
Lehman Brothers files for bankruptcy, sending stock markets into freefall and leaving thousands of workers facing the axe.
London's FTSE 100 Index plunges nearly 4%, forcing the Bank of England to pump an extra 5 billion into panicked money markets.
Fellow US investment bank Merrill Lynch - another victim of heavy losses linked to the US housing market - is bought by Bank of America in a deal worth 50 billion US dollars (28bn).
Meanwhile, Manchester United's embattled sponsor American International Group (AIG) is granted a 20 billion US dollar (11.2bn) lifeline.
The world's biggest insurer is told by New York governor David Paterson it can borrow the money from AIG subsidiaries.
News of the loan agreement comes as AIG shares fall 45% on Wall Street, having fallen as much as 63% in early trading.
Sunday September 14
Negotiations with US Federal Reserve officials and bank bosses break down after three days, leaving Lehman Brothers on the brink of collapse.
Barclays, which was the front-runner to bail out the ailing firm, walks after failing to obtain guarantees over Lehman's financial commitments.
A consortium led by Bank of America (BoA) follows soon after.
September 13
K&S Travel goes bust, leaving 150 passengers in Bodrum, Turkey, requiring alternative flights.
September 12
XL Leisure Group, Britain's third largest tour operator, goes into administration leaving around 85,000 people marooned overseas and grounding holiday-bound flights in the UK.
September 9
Fears mount over the future of US investment banking giant Lehman Brothers as its shares plummet to their lowest level on Wall Street in more than a decade.
September 8
City traders hoping to cash in on a worldwide stock market boom triggered by the bail-out are left angry and frustrated after a computer crash paralyses the London Stock Exchange for seven hours.
London's FTSE 100 Index was enjoying healthy gains before the LSE ground to a halt at around 9am.
September 7 The US Government is forced to step in to shore up Fannie Mae and Freddie Mac, the financial giants which own or guarantee more than five trillion dollars (2,800bn) in mortgages.
The US Treasury places them into a "conservatorship" - effectively nationalisation. It replaces their bosses and all but wipes out existing shareholders in the two firms.
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Saturday 11 February 2012
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