More job cuts for Lloyds staff

editorial image

Lloyds Banking Group has announced it plans to cut a further 9,000 jobs, over the next three years.

But, the banking giant, which is one of Calderdale’s biggest employers, has not said where the job cuts will come and nor has it said which branches will be affected as part of the group’s “digitalisation” plan which will see the closure of 150 banks.

The cuts will mean ten per cent of its current 88,000 workforce will be lost. This is in addition to 30,000 job losses at state-backed LBG since the 2008 financial crisis.

Third-quarter results showed underlying profits for the business, which includes Halifax and Bank of Scotland, up 41 per cent to £2.2 billion.

“The next phase of our strategy will meet the rapidly-changing needs of our customers, and sets out how we will grow the business in a way that will deliver increasing and sustainable returns for our shareholders,” said LBG chief executive Antonio Horta-Osorio.

But Rob MacGregor, national officer of the Unite union, said: “These are deeply unsettling times for Lloyds staff, who, after days of speculation and leaks, face yet another round of job cuts and a future of uncertainty.”

Halifax MP Linda Riordan said job losses were “totally unnecessary.”

“It is a sad day for hard working Lloyds staff across the country. If any jobs need culling it’s the over-paid executives at the top. Remember, this is a company that made £1.61bn in pre-tax profits. Is there really a need to shed 9,000 jobs?

“ I am urgently pressing for a no compulsory redundancy guarantee.

“It’s the least the company can do, in a week where yet again they have put profit before people,” she said.

A spokesperson for Unite union also confirmed it will seek to ascertain a “no compulsory redundancy” policy from LBG.