'Arrogant' Lloyds announces job cuts

11/11/2009

The Lloyds Banking Group is to reduce its staff headcount by 5,000, bringing this year's redundancies from the firm to over 10,000.

News of the job losses follows the announcement that the group, 43 per cent owned by the taxpayer after last year's bank bailouts, will gain an extra £5 billion in government funds as it continues to face financial pressure from the credit crunch.

Lloyds was created in January 2009 through the merger of HBOS, itself incorporating Halifax and Bank of Scotland, and Lloyds TSB.

Many of the positions affected by the latest round of job cuts are "overlap" roles that have become less useful following the merger.

The Lloyds announcement was condemned by trade union Unite.

Rob MacGregor, the union's national officer, said: "This … demonstrates the depth of corporate arrogance within this taxpayer supported bank.

"This country’s financial sector should be looking towards the future, rather then continuing to slash jobs without proper consideration of how to rebuild the public's confidence in our tarnished banking sector."

RBS and HSBC have both also recently announced job cuts.

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

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