25,000 Jobs At Risk in Banks Sell Off

Warning that up to 25,000 banking jobs are at risk with the government’s plan to sell off parts of the state-aided high street banks, RBS and Lloyds Banking Group, Unite tsays ministers, the employers and the UKFI have a duty to prioritise saving jobs over securing the best price for the banks' assets.

Rob MacGregor, Unite national officer for Finance said: “Another day, another announcement bringing huge uncertainty to employees at the part-nationalised banks, RBS and the Lloyds Banking Group. We cannot allow a situation to arise where some 25,000 loyal workers in bank branches in high streets and towns across the country are made to pay the price for the banking executives' recklessness

“While this is a decision largely out of both banks' hands, in divesting these assets, simply securing the best price would be letting down loyal and long serving staff. Any potential buyers should be assessed on the commitment to job security and protection of terms and conditions, not short-term profit maximisation.

“The employers, UKFI and the government all have a duty to these long suffering staff to ensure that opportunistic buyers are not permitted to asset strip these institutions, leaving thousands of staff facing a bleak future. For Lloyds-owned Cheltenham & Gloucester staff, this is a further blow and a return to massive uncertainty as the on/off decision on their future continues.

“The government has saved the banks, now it is time to save bank workers.”