CIO 100 COMPANIES IN Financial Services

3. Royal Bank of Scotland Group

The Royal Bank of Scotland (RBS), the UK’s second largest banking group, in line with other players in the market, saw its profits rise again this year. It reported a pre-tax profit of £9.2 billion, 16 per cent up on figures last year.

7. Lloyds TSB Group

Lloyds TSB is currently the fifth largest banking group in the UK, operating in England and Wales as Lloyds TSB; and in Scotland as Lloyds TSB Scotland. Its other subsidiaries include the mortgage bank Cheltenham & Gloucester; life assurance company Scottish Widows; and finance house Blackhorse.

8. HBOS

HBOS is the UK’s largest mortgage and savings provider and the number one provider of new investment products. It provides retail, business and corporate banking, and insurance and investment services through its multi-brand strategy in the UK and internationally.

14. HSBC Holdings

HSBC is one of the largest banking and financial services organisations in the world. Its international network comprises around 10,000 offices in 82 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa and is listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges.

15. Barclays

Barclays is a UK-based financial services group and has a large international presence in Europe, the US, Africa and Asia. It is engaged primarily in banking, investment banking and investment management. In terms of market capitalisation, Barclays is one of the largest financial services companies in the world. It has been operating for more than 300 years and now has 27 million customers and 123,000 employees in over 50 countries.

17. Co-operative Group

As this year’s CIO special report went to press, the UK’s top two co-operatives were in the midst of agreeing a merger that will form the world’s largest consumer co-operative group. The July merger of Rochdale-based United Co-operatives, which has 930,000 members, and the Manchester based Co-operative Group, with 3.5 million members, makes it responsible for more than 80 per cent of the UK’s co-operative retail trade.

36. Aviva

Aviva is the fifth largest insurance group in the world, the biggest in the UK and one of the leading providers of life and pensions products in Europe. Its main activities are long-term savings, fund management and general insurance. The group has some 58,000 employees and 35 million customers worldwide.

43. Nationwide Building Society

Last autumn Nationwide, the UK’s biggest building society, reported interim profit up 30 per cent to £336.4 million in the six months ended September 30 2006. This compares with £254.8m in the same period the year before. Also in September, the company announced it would take over rival Portman, the third largest building society, in a deal that will create the UK’s second largest mortgage lender after HBOS. The merger is due to take effect in September 2007.

44. JP Morgan Chase

JP Morgan Chase is a global financial services firm with assets of about $1.4 trillion and operations in more than 50 countries. The organisation is a conglomeration formed as a result of years of mergers with different banks, including what a decade ago were five of New York’s largest.

54. KPMG LLP

Professional services firm KPMG – one of the ‘big four’ of UK accountancy firms along with PricewaterhouseCoopers, Ernst & Young and Deloitte & Touche – has had a very good year. The company’s revenues were up 14 per cent to £1,454 million, and operating profits grew by 19 per cent to £373m, across all its business lines.

60. Deloitte & Touche LLP

It has been a hectic year for Mary Hensher, CIO of Deloitte & Touche, and her team. “We have been restructuring the way we work,” she says. For example the London campus, where 6,000 people work, is being transformed to accommodate hot-desking – the firm calls it “hotelling” – to complement its already mobile workforce. The firm has also been working on standardising and managing its documents and archiving.

80. Royal & SunAlliance

oyal & SunAlliance (R&SA) insurers, owner of the More Th>n brand, posted strong results for 2006 and set a generous dividend policy in March 2007 following the disposal of a troubled US subsidiary.

82. AXA

AXA is a world leader in financial services with operations in Western Europe, North America and the Asia Pacific area. The group services 50 million customers throughout the world and has approximately 110,000 employees and distributors worldwide, working in some 50 countries. AXA reported an 18 per cent increase in its annual profit in February 2007 and announced that last year’s £5.3 billion acquisition of Winterthur from Credit Suisse would yield more financial benefits than expected.

88. Prudential

Financial services company Prudential sells a range of investments, personal banking insurance, pensions and institutional investments and fund management.

94. Standard Life Group

Standard Life is one of the UK’s largest financial services organisations, providing life assurance and pensions, investment management and healthcare insurance services.

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