Lloyds wields the axe at its Black Horse division
Banking giant Lloyds has today revealed it is shedding 420 positions at its Black Horse personal finance unit.
This brings the total number of job losses to 22,000 since its merger with HBOS in autumn 2008, which resulted in 41% ownership by the taxpayer.
Commenting on today’s announcement, the Unite union, said it was “appalled” at the job losses.
The news comes just a week after it was confirmed that António Horta-Osório, chief executive of Santander’s UK businesses, will replace Eric Daniels, who is stepping down from Lloyds Banking Group.
Mr Horta-Osório would assume his new role in March 2011 and banking experts say forty-six-year-old Horta-Osório is faced with a tough challenge when he takes over.
However, the Unite union is calling on Mr Horta-Osório to make job security a priority when he assumes his role.
Commenting on the job cuts, David Oldfield, Lloyds’ chief operating officer in wholesale, said the bank will work closely with those affected and “help them through these changes.”