HBOS job cut figures slammed by Lloyds chief

19/09/2008

Reports that the takeover of HBOS by Lloyds TSB will lead to 40,000 job losses have been denied.

Sir Victor Blank said that the figure was "a product of somebody's imagination" and an "imaginary number", Citywire reports.

Job losses are certain due to the £12.2 billion deal, which will result in Lloyds and HBOS combining services to form a "super-lender" covering almost a third of the entire UK mortgage market.

It is likely that branches of both banks will be closed, and that many duplicated administrative posts will go.

The new firm also seems likely to relocate, with Lloyds' main office being in the City of London and HBOS in Edinburgh.

Speaking to the Daily Telegraph yesterday, an anonymous HBOS worker commented: "No one has job security anymore. When you used to work for the Halifax, it was a job for life."

She added: "Those days are gone now."

Tags; Young Family Finances, Job loss, Credit Card Lifestyle, Recent Graduate Debt,

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