Destruere

A & L’s share rose today by a whopping 12%. This was on the news that their fall out from the credit crunch was only £55 million.

There were thoughts that the bank would have to right off around £200 million in sub-prime debts but this is not the case. There was also talk of them selling off their mortgage book to fund the short gap.

I have been impressed with A & L’s rebranding and I believe the money has been well spent. The bank has reinvented itself and now appears modern and less of the stuff old people bank it was before.

The credit crunch will continue to hit banks hard, I’m sure we haven’t heard the last of this.

Filed under: Finance by destruere