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Transforming TSB Group (A): industry and company background

Author: Dutta, Soumitra ; Manzoni, Jean-François ; Gee, FrancescaINSEAD Area: Technology and Operations ManagementPublisher: Fontainebleau : INSEAD, 1997.Language: EnglishDescription: 13 p.Type of document: INSEAD CaseAbstract: Spawned by the proctracted amalgamation of dozens of non-profit making Trustees Savings Banks, the TSB group became a "for profit" institution when it floated on the London stock exchange in 1986. The stock issue yielded £1.5 billion which was quickly spent on costly acquisitions, trying to move upmarket from TSB's traditional blue collar base, and becoming the UK's fifth largest clearing bank. By 1989, it was clear that this strategy had failed. Top management was removed and the new team, led by chairman Nicholas Goodison and the bank's new chief executive Peter Ellwood, operated an impressive turnaround between 1989 and 1991Pedagogical Objectives: This case is the first of a four-part series examining various aspects of TSB Group's restructuring. It provides background on the UK financial services industry in 1989 and presents the challenges faced by the TSB Group at that time. It was written to be used in connection with the TSB case series.
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This case is the first of a four-part series examining various aspects of TSB Group's restructuring. It provides background on the UK financial services industry in 1989 and presents the challenges faced by the TSB Group at that time. It was written to be used in connection with the TSB case series.

Spawned by the proctracted amalgamation of dozens of non-profit making Trustees Savings Banks, the TSB group became a "for profit" institution when it floated on the London stock exchange in 1986. The stock issue yielded £1.5 billion which was quickly spent on costly acquisitions, trying to move upmarket from TSB's traditional blue collar base, and becoming the UK's fifth largest clearing bank. By 1989, it was clear that this strategy had failed. Top management was removed and the new team, led by chairman Nicholas Goodison and the bank's new chief executive Peter Ellwood, operated an impressive turnaround between 1989 and 1991

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