Lloyds Bank 5 000 Job Cuts

Lloyds Bank 5,000 Job Cuts

by Ashley Clark, Director

Lloyds Banking Group has announced is to cut another 5,000 jobs by the end of 2010 following its merger with HBOS.  This is in addition to 10,000 job cuts already announced.

The result follows obvious duplication of roles within the banking group and branches across the UK.  For obvious reasons, unions are not happy and fighting for members.

Given that the Government has muted on plans to re-segregate these ‘super banks’ for competitive reasons i.e.  split them up again, we suggest cutting staff with an excuse of duplicated roles is a ‘read herring’.

It may not be though and it may just be another example of mis-management.  

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