Lloyds Banking Group axing further 530 positions

| June 3, 2009 | 0 Comments

Lloyds Banking Group, which is 43% state-owned, is set to wield the axe again with 530 jobs to go before the end of the year.

According to the bank, around 210 people will lose their jobs when a customer service division is closed in Chatham, Kent - the majority of which are full-time positions, while a further 320 jobs are set to go from other retail operations throughout the UK.

Just last month, the bank announced it was shedding 625 UK jobs, which were as a result of the bank combining its corporate and small-business lending divisions together.

Furthermore, Lloyds said in April almost 1,000 jobs would go at its car finance unit, after a detailed review established that the division was “no longer financially viable”.

However, at the time of the merger between Lloyds TSB and HBOS, analysts said it was inevitable that the integration of the two banking giants was bound to create thousands of jobs losses because of the level of overlap between the two banks.

Ged Nichols, general secretary of union Accord, described today‘s announcement as “further bad news for employees of Lloyds Banking Group’s Retail Banking Division.”

Last month, the bank announced it was tapping investors for £4 billion just a day after chairman Sir Victor Blank announced his resignation.

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