Lloyds Bank 'to axe 940 jobs and move 200 posts to India'

 

Lloyds Bank is to axe more than 940 jobs, bringing job loss announcements to 1,300 in the past few days, according to unions.

Unite expressed "fury" at the latest cuts, adding that a quarter of Lloyds' workforce has now been cut since 2009.

The Accord union said almost 200 posts were being moved offshore to India.

Unions said it was the third job loss announcement from Lloyds in the past few days.

Unite national officer Dominic Hook said: "Since 2009 Lloyds have slashed a quarter of the workforce. It is a complete disgrace that the bank, which is 41%-owned by the taxpayer, continues to cut jobs in such a cavalier manner.

"In the middle of an economic crisis, a bank part-owned by the public should be keeping jobs in the UK, not exporting them abroad.

"Unite has warned Lloyds Banking Group that if they 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 loss announcements.

"Unite opposes these cuts and will be doing everything possible to stop compulsory redundancies."

Lloyds said in a statement: "Lloyds Banking Group is today announcing 940 role reductions within the group operations, insurance, retail, wealth and international and commercial divisions. These form part of the reductions previously announced in the group's strategic review.

"Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way. All affected employees have been briefed by their line manager today. The group's recognised unions, Accord, Unite and LTU, were consulted prior to this announcement and will continue to be consulted.

"The group's policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group.

"Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.

"In fact, during 2009 and 2010, slightly less than 50% of the role reductions made as part of integration have led to people leaving the group through redundancy."

Ged Nichols, general secretary of Accord, said: "This is a bleak start to the year for hard-working employees and is bad news for the UK economy on a day when the small fall in the numbers unemployed was supposed to be good news.

"The fact that nearly 200 of the jobs are to be outsourced to India is particularly unwelcome. Accord is certain that this is not what UK taxpayers would want from a bank in which they are the largest shareholder.

"Accord believes that Lloyds Banking Group (LBG) executives have a duty to think of the public interest before they offshore any more jobs.

"We expect LBG to cut another 5,000 jobs in 2013. The impact on the staff morale of this axe hanging over them is awful. At some stage LBG is going to have to focus on re-engaging staff in the interests of its customers and the economy instead of continually bleeding jobs.

"Accord believes that this can only come through having highly-motivated, professional employees who are free to concentrate on their jobs instead of worrying about job security."

Unite said Lloyds has cut more than 31,000 jobs since its creation in 2009, pointing out that on Monday the bank announced it was cutting nearly 200 human resources jobs and last week the company cut a further 175 jobs in the Halifax branch network.

PA

Suggested Topics
Start your day with The Independent, sign up for daily news emails
Arts and Entertainment
Cassetteboy's latest video is called Emperor's New Clothes rap
videoThe political parody genius duo strike again with new video
Sport
Steven Fletcher scores the second goal for Scotland
cricketBut they have to bounce back to beat Gibraltar in Euro 2016 qualifier
News
news
Arts and Entertainment
Chris Evans is the favourite to replace Jeremy Clarkson on Top Gear
TV
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Retirement Coordinator - Financial Services

Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...

Recruitment Genius: Annuities / Pensions Administrator

Negotiable: Recruitment Genius: You will be the first point of contact for all...

Ashdown Group: HR, Payroll & Benefits Officer - Altrincham - up to £24,000.

£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...

Ashdown Group: Learning and Development Programme Manager

£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...

Day In a Page

Election 2015: How many of the Government's coalition agreement promises have been kept?

Promises, promises

But how many coalition agreement pledges have been kept?
The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat

The death of a Gaza fisherman

He built his own reef, and was fatally shot there by an Israeli gunboat
Saudi Arabia's airstrikes in Yemen are fuelling the Gulf's fire

Saudi airstrikes are fuelling the Gulf's fire

Arab intervention in Yemen risks entrenching Sunni-Shia divide and handing a victory to Isis, says Patrick Cockburn
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media

The only direction Zayn could go

We wince at the anguish of One Direction's fans, but Malik's departure shows the perils of fame in the age of social media
Young Magician of the Year 2015: Meet the schoolgirl from Newcastle who has her heart set on being the competition's first female winner

Spells like teen spirit

A 16-year-old from Newcastle has set her heart on being the first female to win Young Magician of the Year. Jonathan Owen meets her
Jonathan Anderson: If fashion is a cycle, this young man knows just how to ride it

If fashion is a cycle, this young man knows just how to ride it

British designer Jonathan Anderson is putting his stamp on venerable house Loewe
Number plates scheme could provide a licence to offend in the land of the free

Licence to offend in the land of the free

Cash-strapped states have hit on a way of making money out of drivers that may be in collision with the First Amendment, says Rupert Cornwell
From farm to fork: Meet the Cornish fishermen, vegetable-growers and butchers causing a stir in London's top restaurants

From farm to fork in Cornwall

One man is bringing together Cornwall's most accomplished growers, fishermen and butchers with London's best chefs to put the finest, freshest produce on the plates of some of the country’s best restaurants
Robert Parker interview: The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes

Robert Parker interview

The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes
Don't believe the stereotype - or should you?

Don't believe the stereotype - or should you?

We exaggerate regional traits and turn them into jokes - and those on the receiving end are in on it too, says DJ Taylor
How to make your own Easter egg: Willie Harcourt-Cooze shares his chocolate recipes

How to make your own Easter egg

Willie Harcourt-Cooze talks about his love affair with 'cacao' - and creates an Easter egg especially for The Independent on Sunday
Bill Granger recipes: Our chef declares barbecue season open with his twist on a tradtional Easter Sunday lamb lunch

Bill Granger's twist on Easter Sunday lunch

Next weekend, our chef plans to return to his Aussie roots by firing up the barbecue
Joe Marler: 'It's the way I think the game should be played'

Joe Marler: 'It's the way I think the game should be played'

The England prop relives the highs and lows of last Saturday's remarkable afternoon of Six Nations rugby
Cricket World Cup 2015: Has the success of the tournament spelt the end for Test matches?

Cricket World Cup 2015

Has the success of the tournament spelt the end for Test matches?
The Last Word: Justin Gatlin knows the price of everything, the value of nothing

Michael Calvin's Last Word

Justin Gatlin knows the price of everything, the value of nothing