Lloyds Banking Group will phase out the Halifax brand, migrating all accounts to Lloyds branding by early 2027. While no branches will close, the move ends the 173-year-old former building society's presence on UK high streets and has drawn criticism from loyal customers.
Nationwide Building Society is cutting 600 jobs across Nationwide and Virgin Money following its £2.9bn takeover of Virgin Money, primarily affecting back-office staff due to duplicated roles. The move has drawn criticism from unions and reignited controversy over executive pay and member voting rights.
Nationwide's CEO Debbie Crosbie received an 88% pay increase to £4.7m, largely due to a new bonus scheme, while eligible staff get a 3.8% pay rise. The move raises governance concerns among critics, citing the lack of a binding member vote on her pay package and the society's democratic values.
MP Navendu Mishra has written to Nationwide's chair, Kevin Parry, raising concerns about "emerging governance issues" in the building society sector. Issues include bundling voting options and failing to allocate board seats for members, despite the sector's mutual ownership model.
Lloyds Banking Group is reportedly considering axing the 173-year-old Halifax brand, sparking concern among locals in Halifax, West Yorkshire, who feel a strong connection to the institution. While some residents are indifferent, many express dismay at the potential loss of a historic local export.
UK house prices rose at the fastest annual pace in 11 months in April, jumping 3% year-on-year to £278,880, according to Nationwide. The 0.4% monthly increase marked the fourth consecutive month of growth, surprising economists who had expected a 0.3% fall. Despite weakening consumer confidence and rising uncertainty from Middle East tensions, the housing market showed resilience with the three-month growth rate reaching 1.2%.
James Sherwin-Smith has secured the 250 nominations needed to stand as a candidate for Nationwide's board at July's annual meeting, potentially becoming the first customer voted onto the board in nearly 25 years. His candidacy highlights a democracy deficit at the mutual, which faced criticism for not polling members on the £2.9bn Virgin Money acquisition in 2024 and for only offering advisory votes on executive pay up to £7m. The article argues Nationwide should suspend its 'quick vote' system that favours board recommendations and allow Sherwin-Smith a fair run, despite likely prevailing either way.
James Sherwin-Smith has secured enough peer nominations to appear on Nationwide Building Society's board election ballot at its AGM in July, potentially becoming the first customer on the board in 24 years. The 45-year-old from West Sussex gathered 256 valid nominations, exceeding the 250 threshold. His candidacy raises concerns about member representation following Nationwide's £2.9bn Virgin Money takeover and a 43% pay rise for CEO Debbie Crosbie that members were denied a vote on.
Kelly Kershaw, 54, a Nationwide Building Society cashier in Caernarfon, stole from vulnerable customers including an 85-year-old stroke victim and a 49-year-old man with learning difficulties to fund an extravagant lifestyle. Colleagues became suspicious after seeing her social media posts showcasing expensive holidays to Africa, Paris, Tuscany, Dubai, and the Caribbean, plus a BMW convertible. She was caught through an internal investigation launched in October 2024 after suspected signature forgery and unauthorized cash withdrawals.
