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HBOS shareholders to vote on rescue bid
HBOS shareholders are to vote on the Lloyds TSB takeover bid today.
The deciding vote on the takeover and an 11.5 billion taxpayer bail-out is expected to be announced later this afternoon after shareholders meet in Birmingham at 10am.
If approved, the merger will create a banking giant - called Lloyds Banking Group - with around 145,000 staff and 3,000 branches across the UK.
Unions fearing thousands of job losses if the takeover goes ahead urged shareholders to keep bank workers at the forefront of their minds before casting their votes.
Both Lloyds and HBOS staff were expected to hold a demonstration outside today's general meeting.
Workers planned to wear t-shirts with slogans saying 'SECURE JOBS = SECURE BANK' and mock ballot papers would be given out to shareholders as they entered the meeting.
Concerned workers want confirmation on how many jobs will be shed if the merger goes ahead.
Speculation on the structure of the new 'super bank' has continued as both banks insisted discussions about jobs would not begin until the takeover was confirmed.
Derek Simpson, Unite joint general secretary, said: "It is vital that HBOS shareholders do not merely consider the financial rewards of a takeover, but the wider social and employment implications.
"Along with the loyal customers, employees of LTSB and HBOS are the life-blood of these banks.
"Without the continuous dedication of these employees throughout the on-going financial crisis there would be no viable takeover for shareholders to discuss at their meeting.
"Months of unremitting speculation about the future of HBOS has left long-serving employees feeling insecure about their jobs in an organisation they are very faithful to. It is vital that we focus on concrete proposals for the future of these banks."
Today HBOS announced an increase in right-downs on bad debts by 3.2 billion across the business - including high street banking and corporate banking.
The increase has risen from 4.8 billion at the end of September to 8 billion at the end of November.
It means money lent to businesses and individuals, which in no way could be paid back, has had to be written off.
An HBOS spokesman said it was due to "deteriorating business conditions" across the UK.
But he added that retail savings have gone up in the last two months as the number of people depositing savings in the bank has risen.
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Saturday 11 February 2012
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