Lloyds to wield the axe on thousands more jobs

| October 13, 2010 | 0 Comments

Lloyds Banking Group (LBG) has today announced it will reduce headcount by 4,500 in its IT division - a move which has angered unions.

The banking giant, which is 43% owned by the taxpayer, has now axed 20,000 jobs since the start of 2009, some of which were due to overlap following the bank’s takeover of HBOS.

The bank, which is in the midst of a three-year restructuring programme following the takeover, said the latest job losses will affect temporary and contracting jobs in the UK.

Although, 1,700 job losses will be overseas, the bank said.

A spokesperson for the Unite union was enraged by the latest announcement and said: “It is an absolute disgrace that Lloyds Banking Group, which is being kept alive by the taxpayer, is cutting more jobs and moving their jobs out of the UK.

“It is now time for the Government to step in and demand answers on behalf of taxpayers and staff. The announcement of 4,500 job cuts today lets down their staff, customers and the taxpayers with no acknowledgement of LBG’s social responsibilities.”

Meanwhile, the bank said staff affected will ”continue to be consulted throughout the process.”

In related news, last month, the bank’s chief executive, Eric Daniels, said he will retire next year.

Fifty-nine year-old Daniels is the longest serving CEO at a major British bank and will continue in his post until next year when a replacement is found.

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