Lloyds Banking Group has revealed that it plans to slash a further 2,100 jobs as part of a drive to make savings of up to £1 billion. The latest job cuts will take the total number of jobs axed by the bank to more than 7,000 since its acquisition of HBOS . Lloyds revealed that contract and agency staff would be the first to go, accounting for 700 of the job cuts, whilst 350 workers in Scotland would lose their jobs, in addition to 150 in West Yorkshire and 100 in Birmingham .
Lloyds had looked to be in a solid position as the banking crisis became apparent, largely due to its cautious approach to overseas expansion and acquisitions. However, its decision to participate heavily in a government plan to save HBOS in a £12 billion takeover has seen the bank subsequently struggle.
The latest round of job cuts has once again attracted criticism from unions. National officer at Unite, Rob MacGregor, questioned how a taxpayer supported organisation could be allowed to axe so many of its workers.
Mass job cuts are becoming a familiar tale in the midst of this economic downturn, suggesting that the government’s strategy may not have worked. A series of interest rate cuts failed to encourage banks out of their cautious mindset, whilst the £125 billion quantitative easing scheme since embarked upon has failed to reap any considerable rewards as yet.
Lloyds Banking Group Announces Further Job Cuts
Financial Services > e-banking > Banking news
Lloyds Banking Group Announces Further Job Cuts
Wed, 01 Jul 2009
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