We’re not in this together

Staff at Lloyd’s banking group (LBG) have been rewarded for their loyalty and struggling to bring the bank back into profit with an announcement of 700 job cuts.

 

The news, which comes a week after senior executives awarded themselves millions in bonuses, exposes the bank’s myth that we’re all in this together.

 

“Lloyd’s senior management claim that the bank’s recovery ‘helps Britain prosper’ and that the interests of staff, customers and shareholders are all aligned,” said Rob MacGregor, Unite national officer for finance.

 

“Today’s (Wednesday July 1) announcement that they intend to axe 700 more jobs after senior executives received £2m in bonuses exposes this claim as a myth,” added Rob.

 

Unite is demanding that all impacted workers are offered meaningful and realistic job alternatives within the Group.

 

“Those at the top have rewarded themselves for the Group’s rising share prices, while once again the staff who have worked hard for that success receive all the pain and little of the profits,” added Rob.

 

LBG have said they will release more details throughout July. The 700 job cuts impact staff across the bank’s divisions including – retail, group operations, consumer finance, commercial banking and a number of risk, finance and HR roles.

 

“Unite opposes all job losses and demands that the senior management guarantee that all staff affected by this latest round of cuts are offered genuine and realistic alternative job options within LBG,” said Rob.