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Lloyds TSB staff back Abbey merger

Lloyds TSB&#39s staff union has backed its proposed takeover of Abbey National subject to a guarantee on retention of their jobs.

The Lloyds TSB union has written to the Office of Fair Trading saying it supports the takeover.

In its internal newsletter, the union&#39s general secretary Ian Partridge says: “With high levels of natural wastage we do not believe a merger need adversely affect the job security of our members.”

UNIFI, the banking union, opposes the merger, which it believes will inevitably lead to job losses, although Lloyds TSB claims only 8,000 jobs will be lost should the deal go ahead.

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