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Lloyds announces further job cuts

Lloyds announces further job cuts

14 October 2010 / by Paul Dicken

Trade unions have reacted angrily to an announcement by the Lloyds Banking Group that it will be cutting a further 4,500 jobs.

The bank, still 41 per cent owned by the government following the bank rescues in 2008, said the jobs would be lost from its Information Technology (IT) operations.

The roles come from 1,600 held by permanent staff, a further 1,150 on temporary contracts, with 1,750 held by offshore contractors. Job losses from the integration of HBOS and Lloyds are now expected to be over 20,000.

The bank put the cuts in staffing numbers down to the integration of operations between Lloyds and HBOS, following the takeover of HBOS.

The Accord union that represents HBOS staff in the Lloyds Banking Group said the news would be ‘devastating for the hardworking and professional employees affected.’

Deputy general secretary of the union, Clive Webster, said Accord had made it clear to the bank that it saw ‘no need for any compulsory redundancies to achieve the desired job reductions.’

National officer at the Unite union, Cath Speight, said it was an ‘absolute disgrace’ that Lloyds Banking Group was cutting jobs when it was being ‘kept alive by the taxpayer’.

Speight called on the government to step in and demand answers on behalf of taxpayers and staff.

“This bank is racing around the globe in their pursuit of profit. Instead of moving jobs from this country it should wake up and realize the importance of its skilled workforce,” she added.

© Fair Investment Company Ltd