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Lloyds cuts ‘further’ 550 jobs

by: IFAonline
  • 14/03/2013
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Lloyds cuts ‘further’ 550 jobs
Lloyds Banking Group has been criticised after announcing 550 job cuts which trade union Unite said would come on top of the 1,340 lay-offs revealed earlier this year.

The bank said the 550 roles – in its risk, insurance, commercial banking, retail and wealth, asset finance and international divisions – were part of previously announced reductions.

But Unite said the cuts were additional and urged the bank to “put an end to mass redundancies”.

It said that, while the bank continued to cut employed roles, the group was still taking on agency workers.

“Lloyds cannot continue to cut now then ask questions later,” Unite said in a statement. “It’s madness that the bank has so many agency workers when it’s cutting so many permanent jobs.

“Lloyds is looking for a period of stability and growth but it won’t be achieved by continuous and damaging job cuts.

“The bank must put an end to mass redundancies and instead foster job security, pay workers fairly and concentrate on customer service.”

Mortgage Solutions reported yesterday that Lloyds TSB Scotland’s intermediary arm will not accept new business applications after 31 March 2013, with 28 Scotland-based employees placed on risk.

Lloyds said it would attempt to re-deploy affected staff to other areas of the business.

“Compulsory redundancies will always be a last resort,” it said in a statement.

Since the start of the financial crisis, Lloyds has cut about 30,000 posts through a headcount reduction plan and the integration of its HBOS business.

 

 

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