Lloyds cuts 325 back office jobs
14 April 2011 | 8705 views | 0
Lloyds Banking Group is cutting another 325 jobs from its operations and wholesale divisions as it continues the integration of Hbos.
Lloyds, 41% owned by the UK taxpayer, says the affected staff, providing "business support functions" were briefed by line managers on the move today.
The bank will use natural turnover and redeploy people wherever possible and compulsory redundancies will be a last resort.
David Fleming, Unite national officer, says the union is "appalled" at the latest cuts, which take the total number of job losses at Lloyds since the Hbos merger in 2009 to around 22,000.
"The union is demanding to know why when the new chief executive, Antonio Horta-Osorio, has ordered a strategic review of the entire business he is sanctioning this method of drip feeding job losses. Unite is calling for an immediate halt to these job losses until the review is concluded," says Flemming.
More jobs could be cut at Lloyds in the wake of the recent report by the Independent Banking Commission which recommended that it should be forced to sell more than the 600 branches it agreed with the European Commission in return for taxpayer subsidies.