With vast, hugely overstaffed branch networks and far weaker balance sheets, cutting costs and instituting a commercial credit-culture will be a gigantic task.
All that pretty talk at presentations organized by underwriters quickly disappeared in a haze of restructurings and admissions that the company was overstaffed and expanding imprudently.
Ever-swelling numbers of school-leavers pour on to the job market but find an already overstaffed public sector and a corporate world that prefers to hire foreigners.