Lloyds Save GBP1.5bn On HBOS Deal
Published / Last Updated on 02/11/2008
Lloyds Save £1.5bn On HBOS Deal
Lloyds TSB has today confirmed they could make savings in operating costs of up to £1.5bn with the acquisition of HBOS.
We suggest much of the cost ‘savings’ will be on salaries and the numbers make fairly bleak reading for HBOS staff.
Assuming an average salary package of say £20,000. This could mean staff losses of 50,000. Whilst not all of the costs savings would be attributed to staff cuts, even allowing for redundancy costs and office costs, we still suggest redundancies could be at least 10% of HBOS staff and possibly even 20% i.e. between 14,000 and 28,000 job cuts.
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