Further 210 jobs to go at Lloyds Banking Group
Lloyds Banking Group has hit the headlines again today with the news it is axing a further 210 UK full-time jobs – in addition to the 625 job losses announced on Tuesday.
The 625 job losses are as a result of the bank combining its corporate and small-business lending divisions together.
The 210 job losses are the result of merging the telephone and digital banking services of Lloyds TSB and HBOS.
Commenting on today’s announcement, Rob Devey at Lloyds, said: “We are bringing together our support functions to create a more streamlined business to help meet the needs of the our retail division.”
However, the Unite union was said to be “angry” at the further job losses since the banking giant has now slashed nearly 2,500 jobs in the last few months.
Unite’s National officer Rob MacGregor said: “Another day and another group of finance workers have been devastated by job losses at the Lloyds Banking Group.”
On Sunday, the bank’s Chairman, Sir Victor Blank, announced his resignation while just a day later, the bank said it would tap investors for £4 billion.
Lloyds, which is 43% state-owned, also announced 985 job losses last month, which will take place over the next two years at its motor finance unit, after a detailed review established that the division was “no longer financially viable”.
According to analysts, it was inevitable that the integration of Lloyds TSB and HBOS was bound to create thousands of jobs losses because of the level of overlap between the two banks.
Meanwhile, it has emerged today that the takeover of HBOS by Lloyds TSB could fall foul of EU regulations.
According to Sir Victor Blank, the European Commission has yet to approve both Lloyds’ rescue of HBOS and its participation in the Treasury’s Asset Protection Scheme (APS).