Lloyds bank to focus on middle class

[Deleted User]

So says the Daily Mail

https://www.dailymail.co.uk/money/markets/article-10630515/Memo-reveals-Lloyds-strategy-drum-sales-middle-class.html

Lloyds Banking Group has hatched a secret plan to turbocharge sales of its services to well-heeled, middle-class customers, The Mail on Sunday can reveal. 
New boss Charlie Nunn has devised a growth strategy putting what the bank has described as its 'mass affluent' customers – typically people earning more than £75,000 – at the centre of its business. 
According to an internal memo, the FTSE100 lender will merge its private banking division, which caters for wealthier individuals, with its more broadly focused consumer relationships arm. 

Personally if true, I think it is a stupid idea. People earning 75k plus is a minority. Also if you are earning 75k, why would you go to Lloyds. I know a lot of private banks have 100-150k requirement, but even earring 75k other banks will allow you to become a private customer. If you want to become a private customer, you don't want to be on the same bank as the "plebs" (of which I am one by the way), that is the whole point. 

Section62

Deleted_User said:

So says the Daily Mail

https://www.dailymail.co.uk/money/markets/article-10630515/Memo-reveals-Lloyds-strategy-drum-sales-middle-class.html

Lloyds Banking Group has hatched a secret plan to turbocharge sales of its services to well-heeled, middle-class customers, The Mail on Sunday can reveal. 
New boss Charlie Nunn has devised a growth strategy putting what the bank has described as its 'mass affluent' customers – typically people earning more than £75,000 – at the centre of its business. 
According to an internal memo, the FTSE100 lender will merge its private banking division, which caters for wealthier individuals, with its more broadly focused consumer relationships arm. 

Personally if true, I think it is a stupid idea. People earning 75k plus is a minority. Also if you are earning 75k, why would you go to Lloyds. I know a lot of private banks have 100-150k requirement, but even earring 75k other banks will allow you to become a private customer. If you want to become a private customer, you don't want to be on the same bank as the "plebs" (of which I am one by the way), that is the whole point. 

Because they've launched products that are more attractive to you (=people with higher incomes) than those provided by other banks?

Notwithstanding this news is reported in the Mail, I'd read the final paragraph as indicating the faux-private banking division will be downgraded, rather than the "plebs" division going upmarket.

Perhaps this means the remaining Lloyds branches will have a butler on the door directing "plebs" to the Halifax down the road?

Zanderman

As Section62 points out, this is a quote from the DM, and anything from the DM needs to be taken with a very big pinch of salt. Not a newspaper I'd ever rely on for accuracy!

The equating of earnings to 'class' is a good demo of that lack of accuracy. It's lazy and/or deliberately provocative journalism. You can be 'middle class' without earning over £75k and you can be 'working class' and earn over £75k.

Similarly the OP suggesting that people earning £75k would want to have private banking is a huge, and probably totally inaccurate, generalisation.  Why assume a desire for private banking and to move away from 'pleb' banking? Normal banking does everything most people, including those earning £75k, need to do. And £75k, whilst it seems a lot, does not necessarily imply high net worth, every penny might go on outgoings.   

Se1Lad

[Deleted User] said:

So says the Daily Mail

https://www.dailymail.co.uk/money/markets/article-10630515/Memo-reveals-Lloyds-strategy-drum-sales-middle-class.html

Lloyds Banking Group has hatched a secret plan to turbocharge sales of its services to well-heeled, middle-class customers, The Mail on Sunday can reveal. 
New boss Charlie Nunn has devised a growth strategy putting what the bank has described as its 'mass affluent' customers – typically people earning more than £75,000 – at the centre of its business. 
According to an internal memo, the FTSE100 lender will merge its private banking division, which caters for wealthier individuals, with its more broadly focused consumer relationships arm. 

Personally if true, I think it is a stupid idea. People earning 75k plus is a minority. Also if you are earning 75k, why would you go to Lloyds. I know a lot of private banks have 100-150k requirement, but even earring 75k other banks will allow you to become a private customer. If you want to become a private customer, you don't want to be on the same bank as the "plebs" (of which I am one by the way), that is the whole point. 

Which banks offer private banking if you earn £75k (with no other investment products?)

[Deleted User]

Section62 said:

Deleted_User said:

So says the Daily Mail

https://www.dailymail.co.uk/money/markets/article-10630515/Memo-reveals-Lloyds-strategy-drum-sales-middle-class.html

Lloyds Banking Group has hatched a secret plan to turbocharge sales of its services to well-heeled, middle-class customers, The Mail on Sunday can reveal. 
New boss Charlie Nunn has devised a growth strategy putting what the bank has described as its 'mass affluent' customers – typically people earning more than £75,000 – at the centre of its business. 
According to an internal memo, the FTSE100 lender will merge its private banking division, which caters for wealthier individuals, with its more broadly focused consumer relationships arm. 

Personally if true, I think it is a stupid idea. People earning 75k plus is a minority. Also if you are earning 75k, why would you go to Lloyds. I know a lot of private banks have 100-150k requirement, but even earring 75k other banks will allow you to become a private customer. If you want to become a private customer, you don't want to be on the same bank as the "plebs" (of which I am one by the way), that is the whole point. 

Because they've launched products that are more attractive to you (=people with higher incomes) than those provided by other banks?

Notwithstanding this news is reported in the Mail, I'd read the final paragraph as indicating the faux-private banking division will be downgraded, rather than the "plebs" division going upmarket.

Perhaps this means the remaining Lloyds branches will have a butler on the door directing "plebs" to the Halifax down the road?

I would think that would be the idea if they wish to attract the middle class.

As I stated "if this is true" hence it is from the Mail.

Well they already have people on the doors pushing people towards machines so hardly far from reality!

[Deleted User]

Zanderman said:

As Section62 points out, this is a quote from the DM, and anything from the DM needs to be taken with a very big pinch of salt. Not a newspaper I'd ever rely on for accuracy!

The equating of earnings to 'class' is a good demo of that lack of accuracy. It's lazy and/or deliberately provocative journalism. You can be 'middle class' without earning over £75k and you can be 'working class' and earn over £75k.

Similarly the OP suggesting that people earning £75k would want to have private banking is a huge, and probably totally inaccurate, generalisation.  Why assume a desire for private banking and to move away from 'pleb' banking? Normal banking does everything most people, including those earning £75k, need to do. And £75k, whilst it seems a lot, does not necessarily imply high net worth, every penny might go on outgoings.   

I can see it is from the mail, I linked to it. Hence my "if this is true" in my OP.

Well I'd struggle to define myself as working class earning 75k, I struggle now and I don't earn that much.

There is a market for people who want the premier brand of banking and to be separate to the retail customers, that is clear.

[Deleted User]

Se1Lad said:

Deleted_User said:

So says the Daily Mail

https://www.dailymail.co.uk/money/markets/article-10630515/Memo-reveals-Lloyds-strategy-drum-sales-middle-class.html

Lloyds Banking Group has hatched a secret plan to turbocharge sales of its services to well-heeled, middle-class customers, The Mail on Sunday can reveal. 
New boss Charlie Nunn has devised a growth strategy putting what the bank has described as its 'mass affluent' customers – typically people earning more than £75,000 – at the centre of its business. 
According to an internal memo, the FTSE100 lender will merge its private banking division, which caters for wealthier individuals, with its more broadly focused consumer relationships arm. 

Personally if true, I think it is a stupid idea. People earning 75k plus is a minority. Also if you are earning 75k, why would you go to Lloyds. I know a lot of private banks have 100-150k requirement, but even earring 75k other banks will allow you to become a private customer. If you want to become a private customer, you don't want to be on the same bank as the "plebs" (of which I am one by the way), that is the whole point. 

Which banks offer private banking if you earn £75k (with no other investment products?)

HSBC Premier. To be clear I did not mean true private banking such as Adam & Co, more products like HSBC Premier etc. (Adam and Co required 500k!)

droberts26

It is part of the recent strategy update for Lloyds Banking Group, this from 24/02/22 from Charlie Nunn

we will create a new mass affluent offering to grow in this attractive and under-served market segment across banking, protection and investments.

https://www.lloydsbankinggroup.com/insights/next-chapter-for-lloyds-banking-group.html
https://www.lloydsbankinggroup.com/who-we-are/our-strategy.html

phillw

Maybe they figure that offering money to us plebs to switch to them and then reward us for banking with them, doesn't actually make them any money.

If they want to stop then I'm not sure why I'd care.

Se1Lad

Deleted_User said:

Se1Lad said:

Deleted_User said:

So says the Daily Mail

https://www.dailymail.co.uk/money/markets/article-10630515/Memo-reveals-Lloyds-strategy-drum-sales-middle-class.html

Lloyds Banking Group has hatched a secret plan to turbocharge sales of its services to well-heeled, middle-class customers, The Mail on Sunday can reveal. 
New boss Charlie Nunn has devised a growth strategy putting what the bank has described as its 'mass affluent' customers – typically people earning more than £75,000 – at the centre of its business. 
According to an internal memo, the FTSE100 lender will merge its private banking division, which caters for wealthier individuals, with its more broadly focused consumer relationships arm. 

Personally if true, I think it is a stupid idea. People earning 75k plus is a minority. Also if you are earning 75k, why would you go to Lloyds. I know a lot of private banks have 100-150k requirement, but even earring 75k other banks will allow you to become a private customer. If you want to become a private customer, you don't want to be on the same bank as the "plebs" (of which I am one by the way), that is the whole point. 

Which banks offer private banking if you earn £75k (with no other investment products?)

HSBC Premier. To be clear I did not mean true private banking such as Adam & Co, more products like HSBC Premier etc. (Adam and Co required 500k!)

There are multiple premier products at the 75-100k mark such as:

Barclays Premier - £75k income or £100k investments

HSBC Premier - £75k income or £50k investments 

RBS/NatWest Premier - £100k income or £100k investments 

As far as I’m aware, Lloyds has not in recent years had a product marketed at that level.

When you move up to the next tier, Lloyds has one of the easiest qualifications for what they call ‘Private’ banking:

Lloyds Private Banking - £250k investments

Barclays and HSBC have similar, though with stricter requirements and a few extra perks:

Barclays Wealth Management - £500k investments

HSBC Jade - £1million investments

Zanderman

[Deleted User] said:

Zanderman said:

As Section62 points out, this is a quote from the DM, and anything from the DM needs to be taken with a very big pinch of salt. Not a newspaper I'd ever rely on for accuracy!

The equating of earnings to 'class' is a good demo of that lack of accuracy. It's lazy and/or deliberately provocative journalism. You can be 'middle class' without earning over £75k and you can be 'working class' and earn over £75k.

Similarly the OP suggesting that people earning £75k would want to have private banking is a huge, and probably totally inaccurate, generalisation.  Why assume a desire for private banking and to move away from 'pleb' banking? Normal banking does everything most people, including those earning £75k, need to do. And £75k, whilst it seems a lot, does not necessarily imply high net worth, every penny might go on outgoings.   

I can see it is from the mail, I linked to it. Hence my "if this is true" in my OP.

Well I'd struggle to define myself as working class earning 75k, I struggle now and I don't earn that much.

There is a market for people who want the premier brand of banking and to be separate to the retail customers, that is clear.

Yes, I know you know it's from the D Mail, I was merely stressing the unlikeliness of it being the truth, which was a slightly stronger statement than your 'if'. 

I hate 'class' distinctions - and was making the point that earnings are not necessarily relevant in making them anyway. I would guess that some 'working class' people easily earn £75k, but most, I assume, do not.  Equally many 'middle class' people earn a lot less than £75k.  £75k is not a benchmark for class.  Class is all in the mind, especially the working/middle 'difference'. 

As for the market for private banking - yes, I'm sure there is one, otherwise it wouldn't exist.  But again, an income of £75 is not a trigger for private banking suddenly being a desire or life choice. Normal banking is quite sufficient for most - whatever their 'class' or indeed their income.  

But all this is playing to the DM's click-bait strategy - we're discussing a story that they've put out to trigger completely pointless discussion - and I've fallen for it twice today. I'm out of it now!