The happenings at HBOS

As the acquisition of HBOS by Lloyds TSB looks set to be a done deal, Scottish jobs are, for the time being, the most secure. But this hasn't stopped employees sending out speculative CVs or industry players pushing for other options.

One of the clauses in the formal takeover proposal of HBOS is that "the management focus is to keep jobs in Scotland", sparking rumours that the bulk of the redundancies - estimated at anything between 20,000 and 40,000 - could be in England and Wales.

HBOS employees don't appear convinced. Richard Park, country manager for Scotland at recruiters Martin Ward Anderson, tells us: "There's no doubt that we've seen an increase in CVs from HBOS employees speculating on the opportunities out there. However, this doesn't mean that they're heading for the door. My feeling is that they'll wait for any redundancy package offered, considering the hiring climate in the banking sector at the moment."

Similarly, Belinda Walmsley, associate director of Joslin Rowe, says the firm's banking and investments desk has seen an influx of approaches from HBOS staff since the deal was announced last week.

HBOS chief executive Andy Hornby has sent an e-mail to all staff promising to end uncertainty over potential redundancies.

Are there any bright spots for bankers fretting on potential job losses? Recruiters tell us that HSBC is expanding rather than contracting north of the border, as is Clydesdale Bank.

Owen Kelly, chief executive of Scottish Financial Enterprise, says: "I'm heartened by the undertakings in the announcement to try and keep jobs in Scotland as much as possible. Nonetheless, this is very big stuff and we at SFE intend to do all we can to support the company as it works through all the implications."

Over the weekend, Scottish banker Jim Spowart suggested that local financiers should pool resources to buy Bank of Scotland's functions and save it from the Lloyds TSB takeover - an idea that was supported by SNP backbencher Alex Neil.

Meanwhile, Sir Peter Burt, a former chief executive of Bank of Scotland, reckons other banks will realise that Lloyds TSB has bagged a "great deal" with HBOS and counter-bids could soon flood in.