This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Cookie Policy. Read more

Lloyds slashes more jobs

01 July 2009 / by Rebecca Sargent
Lloyds Banking Group has announced it will be making a further 2,113 job cuts as it struggles to cope amid the recession.

The news, according to the staff union Unite, is the largest single job loss announcement since the formation of Lloyds Banking Group in January.

The total job losses from the group now stands at more than 7,000, since Lloyds TSB endeavoured to merge with flailing HBOS late last year.

Commenting, Rob MacGregor, Unite national officer said: "Morale is now truly low as employees across Lloyds are in a permanent state of anxiety as they see their employer announce hundreds of job losses every week."

In the past, Lloyds has come under fire for moving some roles offshore in an attempt to save money, but according to Unite, Lloyds has assured that this will not happen again. Mr MacGregor added:

"Unite welcomes the assurance given to the union that Lloyds Banking Group will not offshore any further roles in these business areas. However, we have called for an urgent review of all the Lloyds work being done offshore in order to access how this could be done in the UK in order to protect jobs."

Just last week Lloyds was downgraded by ratings agency Moody's as its financial integrity continues to come under scrutiny since it made the decision to merge with HBOS, despite the merge giving Lloyds Banking Group a large mortgage and savings market share.

© Fair Investment Company Ltd