Lloyds criticised for new redundancies

20/05/2009

Big job losses have been announced at the Lloyds Banking Group.

The bank, one of Britain's biggest, has been struggling in the credit crunch - and will cut staff by 625 people.

Unite, a trade union, condemned the move yesterday.

Lloyds was created in January, through the merger of well-known high street banks Lloyds TSB and HBOS.

Both firms were suffering from big balance sheet problems caused by the financial crisis - and were bailed out by the government last October as a result.

The taxpayer now owns 43.5 per cent of the merged bank following the rescues.

Rob MacGregor, Unite national officer, said: "The bank is embarking on a strategy of 'death by a thousand cuts'.

"Unite remains opposed to compulsory job losses, Lloyds Banking Group must now work with the union to ensure that members at risk of redundancy who wish to remain in the employment of the group are given the opportunity to do so."

Latest official figures show that unemployment stands at 2.22 million people, the highest total for over a decade.

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