Game of two halves

HBOS may be taking its merger-of-equals heritage too seriously. Six months after its mortgage business, inherited from the Halifax side, tripped up the UK bank, the corporate arm which came with Bank of Scotland may be flashing danger too. Andy Hornby, the wunderkind chief executive, needs to get a grip. HBOS foresees lower gains from investment sales which have provided a big chunk of the corporate division’s growth. What’s more, economic headwinds may be softening the quality of its loan book...