Have to agree with you there Bill. I left in 2011 after they lost the BNFL account. Bloated middle management and no regard for the people who did the work. And my personal bugbear - too much HR performance, compliance, box-ticking crap.
This split will be popular with US investors. The Federal business was the target of the hostile takeover attempt in the mid-noughties by a consortium which included Lockheed Martin. I suspect the rest of the world part will just be left to be picked over by the likes of Atos, HP, Siemens and Crapita.