Lloyds Banking Group is to slash another 940 jobs today across the company, the third announcement from the company in just days, bringing the total to 1,300 job cuts. Lloyds Banking Group has cut over 31,000 jobs since its creation in 2009.
The bank announced it was cutting nearly 200 jobs in human resources and last week the company cut a further 175 jobs in the Halifax branch network.
British workers and taxpayers will be outraged to learn that the bank, which is 41 per cent owned by the public, is offshoring 200 IT jobs. In the middle of an economic crisis, a bank part- owned by the British taxpayer, should be keeping jobs in the UK, not exporting them abroad.
Pat Harrington, the General Secretary of Solidarity, said:
"Since 2009 Lloyds has slashed a quarter of its workforce. It is a complete disgrace that the bank continues to cut jobs in such a cavalier way."
"Solidarity Trade Union demands Lloyds stops offshoring and cutting jobs within the group. If Lloyds are looking for a period of stability and growth to return it to profitability, this cannot and will not be achieved by continuous and damaging job cuts."
Unions are calling for an urgent meeting with UKFI (UK Financial Investments Ltd) is a company set up in November 2008 by the government to manage its shareholding in banks. They include Lloyds (of which HM Treasury owns 41%), Royal Bank of Scotland (of which HM Treasury owns 83%), and until 2012 included Northern Rock.
Report by Ian Bell