Corporate Responsibility Supporting Business Strategy - Commercial Banks of the UK - Research Paper Example

Running head: COMMERCIAL BANKS Comparative Studies of UK Based Companies Introduction Commercial Banks are the organizations where people borrow and make deposits for their money. On the other hand the banks tap the savings that have been deposited within the organization to purchase assets that increase the output of the company. The deposit are also lent to other customers as long term loans that are paid back in form of interest and principal amount of the money Company overview Barclays PLC It is a financial institution that deals with providing financial services to the customers. The kind of services provided by the company involves retail and commercial banking, sale of credit cards, investment banking, wealth management and providing management services. The bank is regulated and authorized to run its operations by the Financial Services Authority. The employees adhere to rules and principles that are stipulated under the Banking Act. The bank is listed in the London, New York and Tokyo Stock Exchanges .Its headquarters are based at One Churchlike place in the Canary Wharf in the London's Docklands. It has several branches in Europe, America, Africa and Asia. The institution has been involved in corporate social responsibilities such as the campaign program known as the Prince Rainforest Project (PRP).The programs is aimed at creating awareness of company's products to the community and the society at large. The campaign involves building of the online community program to stop deforestation activities from taking place. Company overview Lloyds TSB It is a financial institution that offers financial services to the customers in the market. It is considered to be main market in United Kingdom. The services that are offered by the bank include; wealth management, retail banking, insurance, investment, wholesale and international banking services for its customers. It has a well established network in United Kingdom that helps in leveraging so as to be in a position to gain from more selling opportunities that are in the market (Lloyds TSB Group plc 2009). It consists of telephone services that are based in Europe and receives over 62 million calls, due to the establishment of the telephone banking centers that have been installed within the organization that has enabled to carry out its activities in the right way. It also has a very large cash machine network that aids it undertaking its tasks in the right way. The management of the company purchased several banks such as Governors House Apartment of the park Lane properties. The park Lane Properties was co-owed by a Kuwait-based ADDEEM Investment company and the Investment Bar. The reason for purchasing the property was to ease the process of accessing very vital information and to undertake analysis of the company's reports so as to be in a better position to understand the company's strengths, weaknesses, opportunities and threats. It has an agricultural account that helps its clients in offering personnal, local and support services that are aimed at meeting the needs of the customers in the right way. The account also assists the customers in enabling them to access electronic mail services as well as telephone services in an effective manner. Marketing share of Barclays PLC The share prices of this company were actually had fallen by 40% as at 10th May 2009.This resulted from investors lack of confidence in the company's products ,therefore people purchased their products . Barclays bank Share prices 2008 2007 2006 Basic earnings per share 59.3 68.9 71.9 Diluted earnings per share 57.5 66.7 69.8 Marketing share of Lloyds TSB The shares of this company were been bought and sold in the international markets and United Kingdom through using the online and phone forms of communications. The demand for shares also declined due to financial problems that were facing the country. The earnings of the company were to be distributed to the shareholders in form of dividend which lead to a decline in the value of the shares in the market. Lloyds TSB Share prices 2008 2007 Basic earnings per share 14.3 58.3 Diluted earnings per share 14.2 57.9 Barclays Plc Corporate Strategy In the year 2006, the company created the Global Retail and Commercial Banking segment that brought; United kingdoms banking, International, retail, and commercial banking and Barclay cards together. The importance of the segment was to help the company in establishing a strategic direction and control on how to carry out its activities in the right way. It also attempted to purchase and acquire shares of ABN AMRO in the year 2006, but was not in a position to do since it had been outbound by a consortium that was led by the Royal Bank of Scotland. This idea led to the stalling of the companies operations and agenda of expanding its business activities in the right way. It is currently aligning itself with business operations in terms of its capability and geographical footprint in order to capture opportunities that are provided through changing the market trends .Its other strategy is that of investing its finances in the retail and commercial banking businesses in Western Europe since countries such as Italy, Spain, portgugal and other countries that have the potential of providing services to the customers. Thee manager of the company stated that he would advice their investors in establishing investment strategies that would help the company to be in a better position in adapting to United States and Chinese economies in the right way. Although the United States has been experiencing unstable economies due to political crises, the current administration is implementing strategies that are geared towards the status of the company in the right direction. Political situation is also making the investors to be weary of their actions of investment practices. Due to this situation more provision for risks are been implemented through upping the allocations of equities so as to shift the assets that are found in the Asian countries. Japan is also facing macro-economic challenges as the other countries in the world; therefore it has not been in a position to carry out its operations in the right way. The management of the bank has recently recommended the use of corporate credit that aims at unfreezing the market. It has shifted the commodities allocations from the underweight to the natural factor that is based on the expectation aimed at reviving the economic status of the country. It has been noted that the current severe, global economic downturns can not lead to depression therefore the use of hedges is important to avoid from occurring in the future. Treasury -Inflation Protected Securities (TIPS) is a form of asset that has got a floor that states its principal values that are maturity period whose value cannot be revived due to factors such as deflation since it increase as the rate of inflation increase. Deflation therefore occurs between TIPS acts as a fixed value bond. The other strategies that have been established within the organization involve; improving the credit market recovery process through ensuring that the value of the credit market is as per the equities. The use of overweight long-term high quality bonds would act as a defense mechanism that is against the downside risks to the economic growth and to try to reduce deflation from occurring in the future. The use of the deflation hedge helps in offsetting the downside performance of the risk assets when an economy fails to recover within a specified period of time. The other strategy is used is that of reducing the number of government bonds that can be allocated so as to increase the equities required in the emerging markets in the economy (Hosford-Dunn, Rouser, and Valence, 2000 ,351). Lloyds TSB Corporate Strategy The major goal of this company is that of providing in depth analysis of the tropical issues that have been having an impact on the company and that of it customers. Its aim has been that of adding value to the customers through carrying out economic analysis and research into the financial markets as well as the industrial sectors in the economy. Its other strategies involve creating long-lasting relationships with the customers so as to deliver high quality and sustainable results over a longer period of time. The importance of creating corporate responsibility within the organization is to create motivational factors that can satisfy the needs of the customers in the right way and enhancing brand loyalty creation that would enable the organization to implement strategies in an effective manner (Lloyds TSB Group plc 2009). The management is committed to establishing corporate responsibility that would lead to the promotion of its product brand, reinforcement of customer loyalty and its advocacy in the right way. The corporate responsibility strategy is to be implemented through increasing the colleagues' engagement rates, increasing customer satisfaction and also enhance effective implementation of the risk management techniques within the organization. The banks General Insurance service segment is the leading distributor of home insurance in Britain whose product are been distributed through Lloyds TSB Group channels and the corporate partners. The Scottish Windows investment Partnership does indeed manage funds for the company in the retail, life, pension and the investment products on behalf of their customers. The other strategy that has been effectively implemented within the organization involves insurance and investment strategic priorities that has been implemented with the aim of maximizing the ban assurance success , improve services, increase the operational efficiency techniques as well optimize the capital management programs in the company. This company has also enhanced the distribution of its products through using the Lloyds Group channels, independent financial advisors and other useful intermediaries within the country. It's regarded as the best individual Pension Provider by the International Financial Accounting Standards (IFAS) and most trusted in terms of choice of pensions from among the United Kingdom's consumers. The potential markets for the Lloyds TSB General Insurance has been ; creating customer segments, developing key insurance partnerships, improving management process so to ensure efficiency, to provide quality and better services for its customers, establish good management segments, improve services and the overall efficiency of the organization Financial Analysis It is the process that involves assessing the viability, stability, and the profitability of a company, business, projects and sub-busineses.The financial analyst is charged with the responsibility of preparing reports using the financial statements so as to determine how a company is performing in the both in the short run and the long -run. The ratios are classified into; profitability, efficiency, liquidity as well as gearing ratios. Profitability ratio It is a ratio that determines the company's ability to generate income and to sustain its level of growth in both the long and short term periods. The level of profitability of a company is determined by company's income statements that report the company's operations. An example of profitability ratio is a profit margin (Satchell, and Scow croft, 2003). Profit margin ratio is a ratio that shows where a company is profitable or not to control its costs. It is calculated as net profits divided by total sales or net income divided by total revenues. In case the ratio is high then it means that an organization can be in a position to meet its obligations as they arise. Barclays PLC profitability status The company has been experiencing high levels of profits, although some of the impairments costs have been hindering it from achieving its objectives during the financial period of the company. The profitability level of the company has been affected by high interest rates, inflation, investor sentiments, availability and the cost of credit facilities of the organisation.The other factors that have contributed to poor performance of the company involves foreign exchange risk, creditworthiness of the counter parties, liquidity of the global financial markets, level and the volatility of the equity prices that has affected the Groups customers activities level and its financial position. Credit quality of its on-balance sheet and off-balance sheet has been as a result of high rate of interest rates and lack of credit that is available to carry out the transactions in the right way. This problem can be solved effectively through increasing the rate of risk and ensuring that the greater number of their group customers and counter parties can meet their financial obligations within the stipulated period of time. The Global financial system has been experiencing challenges during the August 2007 financial period and the financial market has currently declined due to filling of the Bankruptcy case by the Lehman Brothers in the year 2008. Despite the hard economic times the company has been in a position to generate some profits that have arisen from the acquisition of the Lehmann Brothers North American business and also sold some of the closed life business so as to cut down on their level of operation costs in a big way. There have been over $8 billion gross write downs that have been attributed to a $ 5 billion net of credit hedging and its income has been as a result of credit market exposures of the Barclays Banks Capital. The amount derived has been as a result of applying for the year -end valuations and establishment of market within the economy (Satchell, and Scow croft, 2003). Lloyd's profitability status This bank has been experiencing heavy losses due to the existence of challenging market and economic conditions that have been taking place within the economy. The commercial property exposure has contributed to the loss occurring within the organization since the management has not been in a position to handle the situation in the right way. Real estate exposures in the legacy of the HBOS portfolio have been noted to contribute heavily to the downturn being experienced in the company .The corporate impairment is also been considered to decline by 50% as compared to the previous years (Hosford-Dunn, Roeser, and Valente, 2000 ,351). The Chief Executive Officer stated that the company would face financial difficulties over the financial year of the company therefore the company was intending to establish strategies that would be geared towards improving the economic conditions of the company. The strategies would ensure that the companies enhanced its good growth prospects that would onward increase the sales revenue of the company in an appropriate way. The total number of profits of the company has significantly declined due to factors such as hefty hurricanes loses and weak investment returns .The rise in the payment of claims for the investors has reduced the profit margins of the company .It has been noted that the underwrites have decided to increase the prices of the insurance claims so as to overcome the problem of excess payment of the claims so as to recover from the huge losses incurred when undertaking the transactions of the company (Heller and Fein 1997 ,60). The profitability ratios show that both companies had they profits decline over the last three financial years .The factors that lead to their declined included; low returns from their investments, incurred heavy when transacting their business such as high insurance claims. Efficiency ratio It is a kind of ratio that is used to calculate the banks rate of efficiency in delivering its services to the customers. The ratio is calculated by dividing the non-interest expense by the total revenue less the interest rates incurred by a bank within a specified period of time. It is also calculated as operating expenses of a company divided by the fees income plus the tax charges that is equivalent to the company's activities less the interest income. The purpose of the ratio is to evaluate the company's overhead structure and to show how it has effectively carried out its activities. In case the efficiency ratio is low then it means that expenses of a bank are fewer whiles the earnings are more and it is an indication of good performance of the company. It also measures the way the operating expenses of a bank can generate income for the company in terms of loans, deposits and fees for the bank. Examples of efficiency ratios include; Inventory turnover ratios, debtors' turnover, average collection period, fixed asset ratios, fixed assets turnover ratio and creditors' turnover ratios (Glynn, Abraham, Murphy, and Wilkinson, 2008). Fixed turnover ratio This is a ratio that shows how a company has effectively utilized its fixed assets in order to increase the sale s and profits of the organization. It is calculated as: Total Sales Net fixed assets Barclays PLC Efficiency The management of the company has been in a position to improve on its rate of efficiency due to engaging itself in investment businesses that are aimed at expanding the international network and other businesses in the world. It has recently established the cost control strategy that has enabled it to reduce the impairment costs of running the operations of the company and to be in a position to absorb the credit market writing down on the legacy's assets of the company. Lloyds TSB plc Efficiency The management of this bank has been excelling in its performance due to sale of products that having been supporting its activities. It has recently acquired new current accounts, achieved effective growth rates for the customers' deposits especially for the bank savings and the individual savings account. The market shares of the company has significantly increased due to net mortgaging as well as maintaining prudent new busineses.New business net interest margin have been noted to increase the interest spreads which has enabled the company to have relative advantages within their organizations (Heller and Fein 1997 ,60). These ratios are used to gauge how effectively a company utilizes its assets in order to generate revenue within their organizations. Where a ratio is low it means that it has not been adequately utilizes while if it's high it means it has been utilized in the right way. Both banks did utilize their assets effectively in the year 2007, but the rate of utility declined in the year 2008 due to financial economic factors that were affecting their businesses. Liquidity ratio It is another type of ratio that shows a firms ability to maintain its level of cash flow that can be used to sustain its immediate obligation as they occur. An asset is said to be liquid if it can be converted into cash form without losing its value in any way. The liquidity ratios include; current ratio and acid test ratio. Acid test ratio This is a ratio that is used to determine how well an organization can be in a position to meet its financial obligation as they arise. It is calculated as: Current assets-Stocks Current liabilities Barclays PLC Liquidity The Barclays Wealth segment has been recently working hard in establishing cash portfolios through using the investment techniques that are used by the Barclays Global experts and Barclay's capital so as to keep the money earned in an s safe place as well as increase its value as time is been spent. The management of the bank has been recently offering a range of products that provides cash funds, has had third-party deposits account, fixed term deposits and the fiduciary deposits so as to meet the needs of the customers in the right way. Portfolios established has been tailored towards needs of the customers through supplying products that are suitable for their customers. Market reviews have also been undertaken with the objective of establishing the right kinds of products are supplied in the market .The cash flow structures have been recently restructured so as the amount of money been received and being spent is properly accounted for through using the appropriate market structures, terms and repayment methods (Hosford-Dunn, Roeser, and Valente, 2000, 351). Lloyd TSB plc liquidity This company has been in a position to maintain strong liquidity status for the Groups funding requirements that have been supported by the company's strong and stable retail and corporate bases as well as that of the conduit cancara.Retail and corporate deposits inflows have remained strong and the group has been in a position to benefit from its strong credit ratings and the diversity of the funding sources in the right way. The wholesale and the international banking segments have led to the development of solid corporate and commercial relationship businesses so as to increase the sales revenue of the company (Heller and Fein 1997, 60). These ratios are used to determine how well a company can settle its obligations as they occur. The ratios indicated that both companies liquidity position was higher in the year 2007 but in the 2008 the liquidity levels declined this was as a result of having bad credit policies, that means the company's level of debtors was below that of the industries average level. It also showed that the companies were not in a position to meet their shorter obligations as they arose. Gearing ratio It is a type of ratio that is used to measure the financial leverage of a company that further on measures the firm's activities that are funded by the creditor and owners funds. Examples of gearing ratio includes debt to equity ratios, times interest earned, equity rate as well a debt ratios. These ratios are used bankers, mortgagees and the debenture holders in determining financial position and its long-term liquidity position. In case a company has high gearing ratio then it's an indication of a company's inability to payment its financial obligations as they occur. (Glynn, Abraham, Murphy, and Wilkinson, 2008). Where the gearing ratio is high it means that a firm or an individual is heavily depending on borrowings and the long term type of finances to undertake its operations .It also shows that the financial risks are more due to an increase in volatility of profits. In case of low gearing ratio it is an indication of high dependency on equity financing sources of finances. Debt to equity ratio It is a ratio that is used to determine the number of creditors who are claiming for their money against the company's owner's money. It is calculated as; =Long term liabilities Equity shareholders funds Barclays PLC gearing The company gearing ratio has been low since it has been investing in several business that have increased the performance and the return of the company in the right way. Lloyd TSB plc gearing Its gearing ratio has been high due to incurring heavy losses while carrying out its transactions .The economic situations of the country has been favorable therefore has been forced to borrow funds from external sources so as to achieve its objectives within a stipulated period of time. The two companies gearing ratio was increasing as per the ratios from the year 2007 to 2008.High gearing affected the share prices of a company in the stock exchange as there is low demand for their commodities. The goodwill of a company was also affected due to the high gearing ratio that may eventually lead to liquidation of the company. The companies were vulnerable to economic downturn in the business cycle since it had to make sure it serviced the debts it had incurred during the financial periods. Horizontal financial analysis It is a comparative analysis technique that is carried out through setting up financial statements such as the balance sheet, income statement and cash flow statements through reviewing the changes that may be taking place within a financial year of a company. The amounts are undertaken through restating the amounts of groups of items through using percentage technique. Vertical analysis It assists an analyst in showing relationship existing between components that are compared to indicate financial stability of a company. It is calculated through using percentage so as to establish relationship that exists between accounts of a company. Trend analysis It refers to the mathematical technique that is used to predict the future outcomes of an organization through using the historical results. The method involves tracking of the variances of cost and schedules of an organization. The charts are used in identifying the pattern that will suggest how the company will perform in future. The past performance of the company showed that the two company's performance was good in the earlier financial periods of the company but the recent studies shows that the performance has been affected by financial crises affecting the economy. Conclusion Banks should carry out research wok that would ensure that they improve they level of performance over the financial period. Trend analysis of the company's should be carried on an yearly basis so as to compare its performance with other organization in the same sector and be in a position to compete effectively in the world market .Financial ratio re useful tools that management of organization should use to determine the financial position of the company. The ratios can be used by the investors and the lenders to gauge the company's performance therefore can be in a position to make a decision of that are beneficial for them in the right way and manner. Appendices Financial ratios Profitability ratios Barclays PLC 2008 2007 2006 Profitability ratio net Profit Net profit after taxes *100 5287 5095 5195 Sales 23,352 23492 22,170 0 0.216882 0 23 21.68823 23 Operating profit margin=Earnings before interest and taxes *100 6077 7076 7136 Sales 23,352 23492 22,170 0.260235 0.301209 0.321876 26.02347 30.12089 32.18764 Return on Asset=Earnings after taxes*100 5287 5095 5195 Total assets 19,191 11,082 0.275494 0.459755 27.54937 45.97546 Return on Equity= Earnings after taxes*100 5287 5095 5195 Equity 19190 11081 0.275508 0.459796 27.55081 45.9796 Profitability ratios Lloyd TSB plc Lloyds TSB plc 2008 2007 Profitability ratios net Profit =Net profit after taxes *100 845 3321 Sales 7013 18228 0.120490518 0.182192 12.04905176 18.21922 Operating profit margin=Earnings before interest and taxes 807 4000 Sales 7013 18228 0.115072009 0.219443 11.50720091 21.94426 Return on Asset=Earnings after taxes 845 3321 Total assets 436,033 353,346 0 0 0 1 Return on Equity= Earnings after taxes*100 845 3321 Equity 9699 12,425 0.087122384 0 8.712238375 27 Efficiency Ratios Barclays PLC Efficiency ratios 2008 2007 Fixed assets turnover ratio Total sales 23,352 23492 Net fixed assets 15,340 10,391 1.522295 2.260803 Operating asset turnover sales 23,352 23492 Operating asset turnover 3851 691 6.06388 33.99711 Total assets turnover sales 23,352 23492 total assets 19191 11082 1.21682 2.119834 Capital employed turnover sales 23,352 23492 Capital employed 19191 11082 1.21682 2.119834 Lloyds TSB PLC Efficiency ratios Fixed assets turnover ratio Total sales 7013 18228 Net fixed assets 9942 11286 0.705391269 1.615098 Operating Assets turnover Sales*100 7013 18228 Operating assets 426091 342060 0.016458925 0.053289 1.645892544 5.32889 Total assets turnover Sales*100 7013 18228 Total assets 436033 353346 0.016083645 0.051587 1.608364505 5.158683 Liquidity Ratios Barclays PLC Liquidity ratios 2008 2007 Current ratio 0 691 Current assets 1 1 Current liabilities 0 691 Lloyds TSB PLC Liquidity Ratios Current ratio 2008 2007 Current assets 9942 11286 Current Liabilities 30713 25433 0.323706574 0.443754 Gearing ratio Barclays PLC Gearing ratios 2008 2007 Debt/Equity ratio 2005569 1194885 Total debt 47,411 32,476 Shareholders' Equity 42.30177 36.79286 Lloyds TSB PLC gearing Ratios Debt/Equity ratio 2008 2007 Total debt 395621 315488 Shareholders' Equity 9699 12425 40.78987524 25.39139 Horizontal Trend analysis Barclays Bank PLC 2008 2007 Amount % Million Million Current assets 9942 11286 -1344 -11.9086 Fixed asset 426091 342060 84031 24.56616 Assets 436,033 353346 82,687 23.40114 Liabilities Current liabilities 30713 25433 5280 20.76043 Long term liabilities 395621 315488 80133 25.3997 Total equity 9699 12425 -2726 -21.9396 436033 353346 82687 23.40114 Barclays Bank PLC 2008 2007 Amount % Current assets 3851 691 3160 457.3082 Fixed asset 15340 10391 4949 47.62775 Assets 19191 11082 8109 73.17271 Liabilities Current liabilities 1 1 0 0 Long term liabilities Total equity 19190 11081 8109 73.17932 19191 11082 8109 73.17271 Vertical Analysis Barclays Bank PLC 2008 2007 Total amount 2008% 2007% Current assets 3851 691 4542 84.78644 15.21356 Fixed asset 15340 10391 25731 59.6168 40.3832 Assets 19191 11082 30273 63.39312 36.60688 Liabilities Current liabilities 1 1 2 50 50 Long term liabilities Total equity 19190 11081 30271 63.39401 36.60599 Total liabilities and equities 19191 11082 30273 63.39312 36.60688 Lloyds TSB plc 2008 2007 Amount 2008% 2007% Million Million Current assets 9942 11286 21228 46.83437 53.16563 Fixed asset 426091 342060 768151 55.46969 44.53031 Assets 436,033 353346 789,379 55.23747 44.76253 Liabilities Current liabilities 30713 25433 56146 54.70203 45.29797 Long term liabilities 395621 315488 711109 55.63437 44.36563 Total equity 9699 12425 22124 43.83927 56.16073 capital employed 436033 353346 789379 55.23747 44.76253 Trend analysis Lloyds TSB Lloyds TSB plc 2008 2007 Total Revenue 7013 18228 Capital Employed 436033 353346 Capital expenditure 0 657 Earnings per share 14.3 58.3 Profit for the year for shareholders 26 32 Dividend paid to shareholders 819 3289 Equity share capital 9699 12425 Barclays PLC References Glynn, J., Abraham, A., Murphy, M. and Wilkinson, B. (2008). Accounting for manager Edition4.United States of America: engage Learning EMEA. Lloyds Banking Group plc. (2009). Five-year financial summary annual report and accounts 2008.Retrived May 19 2009. http://74.125.153.132/searchq=cache:YF16lSgciQIJ:www.lloydsbankinggroup-annualreport.com/2008/businessreview/five-year-financial-summary/+Lloyds+TSB+plc+balance+sheet+2005,2006,2007,2008,2009&cd=1&hl=en&ct=clnk&gl=ke Lloyds Banking Group plc. 2009. Corporate responsibility supporting business strategy http://72.14.235.132/searchq=cache:ycayvkrud2QJ:www.lloydsbankinggroup-annualreport.com/2008/businessreview/corporate-responsibility/+Lloyds+TSB+plc+Corporate+Strategy&cd=9&hl=en&ct=clnk&gl=ke(Accesseed(Accessed on May 19, 2009) Lloyds TSB Group plc .2009. Business and strategy our business. http://72.14.235.132/searchq=cache:PfXpOj8mnqgJ:www.lloydstsb-annualreport.com/businessreview/1668/insurance_investments/insurance_business_and_strategy/+Lloyds+TSB+plc+Corporate+Strategy&cd=11&hl=en&ct=clnk&gl=ke (Accessed on May 19, 2009). Heller, P. B and Fein. M. L. (1997). Federal bank holding company law. United States Of America: Law Journal Press. Hosford-Dunn, H., Roeser, R. J. and Valente,M. (2000). Audiology: practice Management.United States of America:Thieme. Satchell, S and Scow croft, A. (2003). Advances in portfolio construction and implementation. United States of America:Butterworth-Heinemann. Scotsman.com.2009. Business - Scottish business direct from Scotland Jobs today Property today Motors today Local Pages Today Business Directory. Johnston Press Digital Publishing / http://72.14.235.132/searchq=cache:6AoKrOt11bcJ:business.scotsman.com/business/Barclays-posts-profit-rise-as.5243849.jp+Lloyd%E2%80%99s+profitability+status&cd=3&hl=en&ct=clnk&gl=ke((Accessed on May 19, 2009). The Connors Group, Inc. 2009. Start shifting investment strategy to offense, Barclays wealth say http://72.14.235.132/searchq=cache:i56mobHEhu8J:www.tradingmarkets.com/.site/news/Stock%2520News/2287893/+Barclays+plc+Corporate+Strategy&cd=5&hl=en&ct=clnk&gl=ke((Accessed on May 19, 2009). The Connors Group. 2009. Lloyds tsb group plc - corporate and strategic assessment report www.companiesandmarkets.com: http://72.14.235.132/searchq=cache:apNmDbwK9yMJ:www.tradingmarkets.com/.site/news/Stock%2520News/1926479/+Lloyds+TSB+plc+Corporate+Strategy&cd=1&hl=en&ct=clnk&gl=ke(Accessed on May 19, 2009). Horizontal Analysis or Trend Analysis: Definition and Explanation of Horizontal or Trend Analysis:2008 http://www.accountingformanagement.com/horizontal_analysis_or_trend_analysis.htm Read More