Fears for Lothian jobs as HBoS says 425 posts to go across the UK

Published on Thursday 14 August 2008 10:35

BANKING giant HBoS has announced it is axing a total of 425 jobs, including posts in Livingston.

The bank, which unveiled a profits slump of 72 per cent last month, said the jobs would all go by the end of March next year.

Around 325 jobs were to go after its arm The Mortgage Business (TMB) stops new business later this month and a mortgage processing centre is shut in Cardiff.

Another 100 job cuts from the group's IT department are also planned, including from its Livingston base. The bank said it hoped the job losses would come through natural turnover and voluntary redundancies.

"HBOS is committed to working through these changes as carefully and methodically as possible," it added. Unions were also being consulted. Graham Goddard, deputy general secretary of Unite, said: "This is a further blow for jobs in the financial services sector which is being brought about by the credit crunch and the changing economic climate."

The Mortgage Business (TMB), will close to new custom at 8pm on August 22, HBOS said.

HBOS also said its offset mortgage provider Intelligent Finance would concentrate on its core business, with all offset mortgages sold with a requirement to include savings and a current account.