01 April 2015

Lloyds shutters call centre, cuts more staff; branch sell-off IPO mooted

09 June 2011  |  6753 views  |  0 Lloyds TSB branch

Lloyds Banking Group is to axe 300 jobs and shutter a call centre in Bridgend, forcing the 700 staff who work there to relocate to other locations.

Unions reacted angrily to the latest round of restructuring at the UK bank, which has shed almost 28,000 jobs since the start of the banking crisis in 2008.

The 300 job cuts are inside the retail, wholesale, wealth and international and group operations divisions. At the Bridgend call centre, staff will be offered alternative roles in other local offices in Cardiff, Swansea and Newport.

David Fleming Unite national officer says the decision will "devastate" the local workforce in Bridgend.

"When the Bridgend site opened there was a significant commitment to the community and the bank secured a grant to this end," he says. "This withdrawal smacks of hypocrisy and makes a mockery of the statements made by the new CEO, Antonio Horta-Osorio, to support the bank's communities and customers."

Unions fear that more job cuts could be looming, as Horta-Osorio presents the results of a strategic review of the bank's operations at a presentation to analysts later this month.

Lloyds is currently hawking 600 branches to potential bidders as part of an EU-enforced sell off associated with its takeover of HBOS and subsequent bail out by UK taxpayers.

The bank is rumoured to be preparing to float the 600 branches under an IPO that would lead to the creation of a new bank, should it fail to reach a deal with suitors.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

14 April, 2011
18 March, 2011
13 October, 2010
12 July, 2010
30 June, 2010
11 February, 2010
21 January, 2010
23 November, 2009
12 November, 2009
10 November, 2009
03 November, 2009
25 August, 2009
16 July, 2009
30 June, 2009
09 June, 2009
03 June, 2009
22 May, 2009
28 January, 2009

Related company news

Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
Europe sets the pace as fintech investment...
6510 views comments | 30 tweets | 20 linkedin
UK online banking fraud losses soar 48%
6124 views comments | 16 tweets | 19 linkedin
Future Money Focus: Mariano Belinky, Santa...
5862 views comments | 12 tweets | 12 linkedin
Barclays and PayPal join Government ID acc...
5143 views comments | 11 tweets | 11 linkedin
Apple Pay users running into checkout prob...
4920 views comments | 12 tweets | 15 linkedin

Featured job

Basic £90-110K OTE c. £200K AND NO CEILING
London based with substantial travel in the DACH Region

Find your next job