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Lloyds Bank To Axe Another 15,000 Jobs

Lloyds Bank To Axe Another 15,000 Jobs

8:06am 30th June 2011
(Updated 4:05pm 30th June 2011)

Lloyds has announced plans to cut another 15,000 jobs as part of a review aimed at saving £1.5bn a year.

As exclusively revealed by Sky City editor Mark Kleinman, the jobs will go over the next three years.

The latest announcement means a total of 43,000 jobs will have gone at the 41% state-owned bank since its merger with HBOS in January 2009.

The savings will come from fewer management posts, centralising some functions and withdrawing from more than 15 of its overseas units, the bank said in a statement.

The majority of job losses are expected in the UK, with 90% of the banking group's operations based here.

The bank will also look to attract more wealthy customers in Britain by expanding its wealth business.

Lloyds Banking Group has 3,000 branches, 22 million current accounts and 27% of gross mortgage lending.

It has 30 million customers and is the nation's biggest mortgage lender.

The strategic review was launched by the bank's new chief executive, Antonio Horta-Osorio, who left Santander UK to run Lloyds on March 1.

He said the bank will become a "simpler, more agile and responsive organisation".

But he added: "We have to do this. This bank has lost money, it's losing money this year on an after-tax basis.

"We have to get this bank back on to its feet to support the UK economy and we have to pay taxpayers' money back."

Around 28,000 jobs have already been lost since the group was formed when Lloyds TSB and HBOS merged early in 2009, so the new cuts will be a further blow to staff.

Earlier this month, Lloyds began the sale of 632 of its branches and a large part of its mortgage operations after being ordered to offload them by the European Commission.

The Unite union said the results of the review would cause "deep distress and anxiety" across the company.

"Astonishingly one in eight roles will be lost over the next three years," national officer David Fleming said.

"This review is merely another box-ticking exercise to give this bank, which has already, since its creation two years ago cut over 27,000 staff, an excuse to sack more employees.

"The conclusion of this review to make 15,000 staff cuts is yet another extreme example of the financial services industry cutting vital staff in a desperate attempt to create a mirage of acceptability following the financial crisis.

"But this total failure to take significant action to make appropriate changes to rebuild the public confidence in the sector is deplorable."

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