IOM Bank world biggest Covid-Clowns

[b4mbi 873]

The answer is obviously a local bank making local decisions for local people using local money with local employees in local branches to keep the vocal local elderly majority happy because that's the way its always been.

Never mind that banking has radically moved on, sustained low/negative interest rates have decimated banking margins and the direction of travel is clearly towards a nice, fully traceable cashless society which supposedly would mostly eliminate the need for physical branches. 

I had a lovely letter from RBSI Ltd (as IOMB is now merely a trading name) that they are now applying negative interest rates to various currency balances over 250k. Charging you to keep money with them effectively, but of course that's due to global central bank rates driven by government's fiscal policies. What are they supposed to do now they've been forced to separate the investment banking arms (profitable but risky) from the retail banking (safe but unprofitable)?

Only thing they can which is cut costs which means closing branches, reducing staff which means demotivated workforce which means poorer service.

It is a crying shame what has happened to IOM Bank, but as @The Dog's Dangly Bitssays, they are beholden to UK controlled group and are completely hamstrung when it comes to local decision making.

IOMB can't be profitable enough in it's own right for any other bank to consider purchasing it. In low margin retail banking you need volume to make it work, which 85k people just don't generate.

Very sad really.

[The Dog's Dangly Bits 1,709]

Isle of Man Bank is profitable and could be profitable enough purely through mortgage lending.  It has a strong brand locally.  Plus it's the main bank of IOM Govt.

It hasn't been sold because it is a decent business.  The greater debate perhaps is the future of the offshore model in general for retail banks.

Edited October 23, 2020 by The Dog's Dangly Bits

[Boris Johnson 618]

We have a local bank, Conister and from my experience a very good company to deal with. I don't think they do current accounts but you can get them easy online. I cant fault Conister.

[hissingsid 3,675]

The IOM Bank is pruning staff in January,  voluntary redundancies, there are a lot of applications more than is required.   This info came from an employee who works there and has applied for redundancy and is hoping to get it.  

[The Dog's Dangly Bits 1,709]

2 hours ago, hissingsid said:

The IOM Bank is pruning staff in January,  voluntary redundancies, there are a lot of applications more than is required.   This info came from an employee who works there and has applied for redundancy and is hoping to get it.  

They've asked for redundancy across the group companies.  Not just IOM Bank.  10%.  They are over subscribed so some won't get it.  

[Capt_Mainwaring 121]

4 hours ago, The Dog's Dangly Bits said:

they are all still at home

That's incorrect. I know people that work there and they are now back in. 

[hissingsid 3,675]

There are a lot still at home.   Information from someone who actually works there.

[The Dog's Dangly Bits 1,709]

1 hour ago, Capt_Mainwaring said:

That's incorrect. I know people that work there and they are now back in. 

Most sre still there.  Unless they pulled the mental card.