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November 11, 2009

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Lloyds group to cut more jobs

BRITAIN'S Lloyds Banking Group Plc said yesterday it would cut about 4,300 jobs and transfer 680 more in a series of restructuring moves in its group operations, insurance and retail division.

The bank, which was bailed out by the government, had already announced a total reduction of 6,400 jobs in the first half of the year. It employed about 118,000 people at the end of June.

The latest job cuts will affect 5,000 employees, including about 2,400 contractors, temporary staff and offshore personnel, according to the bank.

Lloyds said 680 of the affected positions would be redeployed to one of seven sites in its retail division.

"This Lloyds Banking Group announcement of 5,000 job losses demonstrates the depth of corporate arrogance within this taxpayer-supported bank," said Rob MacGregor, a union official.

He called for a pact with the firm that there would be no compulsory layoffs.

"We will continue to work closely with our colleagues affected by today's announcement to help them through these changes over the coming year," Mark Fisher, group integration director at Lloyds, said yesterday.

The government, which holds a 43.4 percent stake in Lloyds Banking Group, said last week it would inject another 5.7 billion pounds (US$9.51 billion) to take up its share in Lloyds' planned record 13.5 billion pound rights issue.

Lloyds announced at the same time that it would dispose of more than 600 branches, or 4.6 percent of its total, over the next four years to appease European Union competition regulators.


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