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28/10/2014
Lloyds Bank To Axe 9,000 Jobs
Lloyds Banking Group has confirmed it is to axe 9,000 jobs and close 200 branches over the next three years.
However, the group did announce a 41% rise in underlying profits for the third quarter to £2.2bn.
Chief executive Antonio Horta-Osorio said: "Over the last three years the successful delivery of our strategy has ensured that we have become a safe, highly efficient, UK-focused retail and commercial bank.
"The next phase of our strategy will use these strong foundations as a basis for meeting 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."
Unite the union has warned that further job losses at Lloyds Bank could have "unknown" consequences for customer service.
Unite National Officer Rob MacGregor 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.
"Job cuts of approximately 10% could have unknown consequences on customer service and will put even more pressure on staff who have helped get the bank back on the right track.
"The wallets of top executives at Lloyds should not be getting fat by forcing low paid workers onto the dole. If there are compulsory redundancies or customer service suffers then executive pay should be cut. Over the coming days we will be pressing Lloyds for clarity and for guarantees over no compulsory redundancies."
(CD/JP)
However, the group did announce a 41% rise in underlying profits for the third quarter to £2.2bn.
Chief executive Antonio Horta-Osorio said: "Over the last three years the successful delivery of our strategy has ensured that we have become a safe, highly efficient, UK-focused retail and commercial bank.
"The next phase of our strategy will use these strong foundations as a basis for meeting 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."
Unite the union has warned that further job losses at Lloyds Bank could have "unknown" consequences for customer service.
Unite National Officer Rob MacGregor 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.
"Job cuts of approximately 10% could have unknown consequences on customer service and will put even more pressure on staff who have helped get the bank back on the right track.
"The wallets of top executives at Lloyds should not be getting fat by forcing low paid workers onto the dole. If there are compulsory redundancies or customer service suffers then executive pay should be cut. Over the coming days we will be pressing Lloyds for clarity and for guarantees over no compulsory redundancies."
(CD/JP)
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1,660 Jobs Go As Lloyds Closes C&G Branches
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