Case Study
Spawned by the protracted 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 Sir Nicholas Goodison and the Bank's new Chief Executive Peter Ellwood, operated an impressive turnaround between 1989 and 1991.
