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Lloyds sheds more than 1,000 jobs

Lloyds Banking Group is set to cut more than 1000 jobs partly due to the merger of Clerical Medical into Scottish Widows.

The bank has revealed that it will be cutting 1,020 staff in its group operations division as Lloyds TSB and HBOS functions are combined. It will be also cutting another 240 jobs as Clerical Medical is merged into Scottish Widows.

The cuts will be made by the end of Q1 2010.

Two weeks ago the group revealed that it would be cutting 2,100 jobs over the next three years as well as it slashing 240 jobs in Jersey, Guernsey and the Isle of Man last month.

This latest bout of cuts takes the total to more than 8,000 since the start of the year, according to the trade union, Unite.

Lloyds says: “Lloyds Banking Group is committed to working through these changes with colleagues carefully and sensitively.”

Unite national officer Rob MacGregor says: “What is the justification for 8,200 staff to be cut in the last three months while Lloyds continues to perform considerable work out of the country?

“We appear to have Groundhog Day where thousands of staff each week are told that they are to lose their jobs, yet Lloyds remains a state-owned bank. Unite views the weekly cull of jobs a disgraceful approach by this taxpayer supported financial institution.

“It is essential that these taxpayer funded institutions are radically overhauled to ensure that the sector’s corporate governance regime is fit for purpose.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Lloyds HBOS merger
    I hope Brown & Darling are now happy. This merger should never have taken place, everybody knew that this would happen. And what about the huge negative impact this merger has had on the mortgage market? This was bad for business, bad for employees, bad for customers. How the hell will we reasonably recover with Tweedle Dee and Tweedle Dum at the helm. Still, their jobs are ok….. NOT FOR LONG I HOPE!

  2. Simon Sheppard 16th July 2009 at 1:08 pm

    Brown and Darling
    Let’s not forget the issue of Santander getting their grubby little mits on Bradford and Bingley in addition to Abbey and Alliance & Leicester. There will be thousands more job losses once the re-branding to Santander starts. Look at all the towns and cities where there are branches of all three in close proximity, does anyone really think Santander will keep them all open ?

  3. Jobs for life?
    Pity they are not able to merge with the FSA. The FSA might then sweat like the rest of us.

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