Almost 1,000 jobs set to go in Lloyds shake up

Posted on February 14, 2012

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written by Robert Pollard for New Statesman

Partially state-owned bank to close offices in Newcastle, Romford and Scunthorpe.

Lloyds Banking Group has announced the closure of three of its offices, resulting in 990 lost jobs.

Lloyds, which is 40.2 per cent owned by the taxpayer after it was bailed out in 2008, has overseen more than 30,000 job losses in the last 3 years since the takeover of Halifax Bank of Scotland.

The bank claimed that the latest set of job losses were part of a strategy review previously announced. In a statement, the bank said that, where possible, it would try to redistribute staff in an attempt to avoid redundancies.

The roles will come from within group operations, group executive functions, risk, wholesale and insurance divisions. Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way.

The group’s policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group.

Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.

In fact, during 2009, 2010 and 2011, slightly less than 50% of the role reductions made as part of integration have led to people leaving the group through redundancy. There are 990 role reductions from today’s announcement.

Unions reacted angrily, claiming the decision was ‘devastating news for the employees. General Secretary of the Accord trade Union, Ged Nichols, said:

Today’s confirmation that Lloyds Banking Group (LBG) is to shed nearly 1,000 more jobs on top of the 30,000 that have been lost since the Halifax Bank of Scotland Group was taken over just three years ago is devastating news for the employees who will be affected and the communities in which they live.

Newcastle, Romford and Scunthorpe are areas that cannot afford to lose the high-quality jobs that will go as a result of today’s announcement.
Whilst Accord has informed LBG that it must do everything possible to avoid compulsory redundancies and work with us to provide support and guidance to those affected, the truth is that even those who volunteer to go will find it difficult to find alternative employment in these difficult economic times.

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Posted in: Business