We’re not the only ones with a credit crunch. HBOS, Britain’s biggest mortgage lender, is going under.

IN THE rolling credit crisis, more than £46 billion of the bank’s shareholder value has evaporated into thin air. The collapse has hit pension funds, wiped out the nest-eggs of many investors – and added to the misery of staff, many of whom had built up substantial holdings of HBOS shares.

The bank is going to be rescued by a merger with another UK bank, Lloyds TSB. [Scotsman & MarketWatch]

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  1. Half Beast says:

    Lloyds is pants…

  2. sir_eccles says:

    I wish they picked better names when they merge. “TSB Lloyds Halifax Bank of Scotland” is just too much of a mouthful.

  3. shoegazer says:

    Lloydsifax?

  4. battra92 says:

    So is the worldwide experiment of giving people more money than what is sane over?

  5. Martin65 says:

    The question is what comes after financial alchemy

  6. Residentdrunkgirl says:

    I have become too familiar with Lloyd’s lately….

  7. RStewie says:

    OK. That picture is heel-arious!!

  8. theczardictates says:

    “and added to the misery of staff, many of whom had built up substantial holdings of HBOS shares”

    How many times does this need to be repeated? Don’t hold a large fraction of your investments in your employer’s own stock — neither directly nor in a retirement account, for precisely this reason. If they go under, you lose your job AND your savings. *sigh*