More Job Losses At Lloyds

Union anger as Lloyds plan to cut 200 further jobs

Unite reacted angrily last night to news of further job cuts at banking giant Lloyds.

The latest round of redundancies will see 200 jobs go at the bank’s insurance business in Newport and in Yorkshire.

Lloyds has embarked on an aggressive job-cutting policy and has made 7,500 staff redundant this year alone.

Unite National officer Rob MacGregaor said the bank had a “confused” management style after last week’s surprise decision to review the planned closure of Cheltenham & Gloucester branches.

Unite also hit out at RBS after the bank announced proposed changes to its main final salary pension schemes, including capping the amount of salary increases that is pensionable to 2% annually or the rate of inflation, whichever is lower, and cutting the lump sum payable on early retirement.

Rob said that against the backdrop of the “bumper” pension paid to former RBS boss Sir Fred (The Shred) Goodwin, the planned changes added “insult to injury”.

“We have no confidence in this bank’s confused strategy,” he said. “Only last week LBG decided to abandon the closure of the Cheltenham and Gloucester branch network, bringing a reprieve for 900 staff. This week it’s cutting over 200 jobs.

“This steady stream of announcements and cuts is soul destroying for the workforce at this state-owned bank – it must end. So far there have been 7,500 job cuts this year, it’s a tragedy.

“Staff are expected to give the customers the best possible service, but don’t know if they have a job from week to week. These cuts are not in the interests of the customers, or the taxpayers who own this bank. The Government needs to be more hands on and put an end to poor management at the bank.”