A&L job cuts 'will be resisted'

10/10/2008

Fears are growing at Alliance & Leicester (A&L), with deep cuts in staff numbers expected following the firm's merger with Abbey.

The large mortgage lender was taken over by Banco Santander - the Spanish owners of Abbey - earlier this year in a £1.5 billion deal.

This was after sharp falls in A&L's share price, with analysts expressing doubt over its financial stability in the credit crunch.

Now, the Communication Workers Union (CWU) has said that it will be trying its hardest to safeguard employees against the job cuts.

Deputy general secretary Andy Kerr said: "The CWU will be working tirelessly to maximise job security for our members and we will strongly oppose any compulsory redundancies…Santander has already proposed generous bonuses for senior executives who remain with the business and we will be pushing for fair treatment for all A&L employees.

He added: "A&L plays an integral part in local economies across the country and we will be working hard to gain assurances from the company that individual regions will not lose out as a result of this takeover."

Latest unemployment figures have pegged the number of people out of work at 1.72 million - an increase of 81,000 in three months.

Tags; Young Family Finances, Job loss, Recent Graduate Debt,

Regional Debt Advice; Debt Advice Leicester,

• Share
• 
• 
• Store
• 
• Follow
•