Mike Mitchell wrote in message ...
This is not what I would call a reasonable rate
of return.

Fortunately your view is not shared by the shareholders, or they would
immediately sell their shares and invest the capital elsewhere. If you
actually look at the rate of return on capital employed, which is the real
yardstick, you will find that the actual profit per £ of turnover is very
low indeed. The customers have real choice in which bank they use, indeed
they can always use a non profit credit union if they feel so inclined. The
comments I've seen here remind me very much of my definition of a UK
motivated by envy and not motivated by the desire to succeed. A highly
profitable company can and does afford good wages to the staff and provide a
first rate pension scheme, they also pay high taxes. If the directors are
successful, then they should be well rewarded. If however they fail, then
obviously there should be a corresponding lack of reward. Companies which do
not make adequate profits do not pay either wages or taxes. You can't have
it both ways.

It is interesting to note, that the banks which were hit with windfall taxes
are now generally under new ownership. HSBC of course is now owned offshore.
Which one will be next?

Regards
Capitol