“Counterproductive” Lloyds review

Lloyds Bank workers are suffering under a “counter-productive” cuts agenda Unite said, after the bank announced 1,340 more job losses this week (October 14).

The redundancies will effect employees in the retail, group operations, marketing, finance, customer product and risk divisions and are part of plan announced in October 2014 to axe 9,000 jobs.

The bank, which is 9 per cent state owned, is seeking to reduce costs and maximise returns through a “strategic review.” The company has cited Brexit and the rise of digital banking as the reason for the losses.

In July, Lloyds cut 3,000 jobs, and announced it will double branch closures to 400 by the end of 2017.

Unite national officer Rob MacGregor said, “These announcements to staff across Lloyds Banking Group are horrific news for staff – 1,340 job losses within this taxpayer-backed institution are wholly unacceptable.

“The constant flow of job cuts across Lloyds must now be halted and staff be allowed to get on with delivering the high-quality and impressive service they are so good at providing. The Lloyds management pursuit of this cuts agenda is counter-productive in their aim of a successful business.”

Lloyds said the company would “use natural turnover and redeploy people wherever possible to retain their expertise and knowledge” and stated that compulsory redundancies would be a “last resort.” The bank also said 110 new roles will be created.

MacGregor said Unite will continue to fight for members’ jobs.

He said, “Unite will oppose all job losses and challenge senior management to ensure all those affected by this latest round of announcements be offered alternative suitable employment.”

Plans to sell the government’s remaining stake in the banking group to members of the public were rowed back on last week, because of perceived market volatility.

Instead the government will sell its shares to institutional investors as part of a “trading plan” which will see the stake split into small tranches.