Lloyds cuts a further 600
(25 January 2010 – UK) Britain’s Lloyds Banking Group has said that it intends to axe a further 600 jobs in its retail and wholesale divisions, as the total number of job losses at the ailing bank reaches over 15,500.
The bank revealed in a statement that it will be reducing staff numbers in its wholesale and retail divisions when the company closes its Black Horse personal finance centres.
In addition, some insurance work, currently administered by a third party supplier based in the UK, will be brought back into the group and processed at its strategic insurance centres in Bristol and Edinburgh, the bank said.
Lloyds Banking Group added there will be a total net reduction of 585 permanent group jobs across the UK; of the losses 455 positions will be in the personal finance centre and another 130 jobs will be lost in the retail division.
The country’s biggest trade union, Unite, said that since the beginning of 2009, LBG has axed around 15,500 jobs.
The union slammed the bank, which is 43 percent owned by the taxpayer, for the latest round of cullings.
Rob MacGregor, senior official for Unite, said that the union is deeply disappointed that Lloyds Banking Group has made the decision to close all of the Black Horse centres.
At a time when many families are struggling to control their finances and businesses need access to credit, Unite is opposed to the shutting down of these valued local centres, Mr MacGregor added.
Unite is warning the LBG not to repeat their approach in 2009, where staff ‘faced death by a thousand cuts’ as weekly announcements of job losses were made, Mr MacGregor said.
The senior official also highlighted that the strategy the bank used last year had a devastating effect on staff and created job insecurity for most colleagues.
The union announced that it was seeking redeployment opportunities for those affected by the latest round of cuts.
In addition, some insurance work, currently administered by a third party supplier based in the UK, will be brought back into the group and processed at its strategic insurance centres in Bristol and Edinburgh, the bank said.
Lloyds Banking Group added there will be a total net reduction of 585 permanent group jobs across the UK; of the losses 455 positions will be in the personal finance centre and another 130 jobs will be lost in the retail division.
The country’s biggest trade union, Unite, said that since the beginning of 2009, LBG has axed around 15,500 jobs.
The union slammed the bank, which is 43 percent owned by the taxpayer, for the latest round of cullings.
Rob MacGregor, senior official for Unite, said that the union is deeply disappointed that Lloyds Banking Group has made the decision to close all of the Black Horse centres.
At a time when many families are struggling to control their finances and businesses need access to credit, Unite is opposed to the shutting down of these valued local centres, Mr MacGregor added.
Unite is warning the LBG not to repeat their approach in 2009, where staff ‘faced death by a thousand cuts’ as weekly announcements of job losses were made, Mr MacGregor said.
The senior official also highlighted that the strategy the bank used last year had a devastating effect on staff and created job insecurity for most colleagues.
The union announced that it was seeking redeployment opportunities for those affected by the latest round of cuts.
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