Lloyds to axe thousands of jobs in new batch of cuts

Published on Tuesday 10 November 2009 08:31

LLOYDS Banking Group is to axe thousands of jobs next year in a fresh wave of cuts under plans to reduce costs, sources said today.

Up to 5,000 positions are expected to be cut in the UK in 2010, on top of thousands already slashed this year.

The bank is expected to make an announcement confirming the job losses later today.

Several thousand jobs have been cut this year, leaving Lloyds with around 130,000 employees.

Rob MacGregor, national officer of the Unite union, said: "This Lloyds Banking Group announcement of 5,000 job losses demonstrates the depth of corporate arrogance within this taxpayer-supported bank.

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

"Today marks the start of another dark week for finance workers. It beggars belief that, just days after 5,400 jobs were cut in RBS and HSBC, we see further devastation for workers in this part– nationalised financial institution."

Unite said the fresh job cuts would hit workers in Lloyds' insurance, group operations and retail divisions, describing it as a "bitter blow" for staff.

"Unite is calling for the immediate suspension of all job losses in order for the company to introduce an agreement with the union of no compulsory redundancies in any section of Lloyds.

"The Government cannot afford to continue to look the other way as hard-working families are punished in this manner."