The remuneration packages and board make-up are very corporate-banking and not 'mutual' in their outlook.

If it still thought of itself as a mutual building society Nationwide would have one of the best interest rates around for their members' savings.

Sort of. New members don't get share rights any more.

That is so that carpetbaggers can't vote to turn it into a bank.

Sounds rather "we had to burn the village in order to save it".