Union up in arms over further job cuts at Lloyds Banking Group

Lloyds Banking Group came under attack by union Unite after announcing it would cut a further 550 jobs.

Lloyds Banking Group came under attack by union Unite after announcing it would cut a further 550 jobs.

The axe will affect departments including risk, retail, insurance and commercial banking.

It follows a 940 cull in January, and brings the total number of redundancies to 8,550.

The move is part of the British lender's major restructuring launched in 2011 which includes cutting 15,000 jobs by 2014.

Unite urged the bank against reducing its workforce, saying it was a short-term fix to facilitating growth.

"It's madness that the bank has so many agency workers when it's cutting so many permanent jobs," Unite national officer Dominic Hook told Sky News.

"Lloyds is looking for a period of stability and growth but it won't be achieved by continuous and damaging job cuts. The bank must put an end to mass redundancies and instead foster job security, pay workers fairly and concentrate on customer service."

Lloyds, which is 39% owned by the taxpayer, said all affected employees were briefed by their manager and unions were consulted.

The bank reported a loss for last year of £570m, down from £3.5bn in 2011, blaming a £3.5bn provision for mis-selling payment protection insurance.

The government has indicated it would sell-off its stake within months.

Recommended

Which assets will benefit as the “jam tomorrow” bubble pops?
Investment strategy

Which assets will benefit as the “jam tomorrow” bubble pops?

With tech stocks, cryptocurrencies and many other “long duration” investments crashing hard, the “jam tomorrow” bubble looks to be bursting. John Step…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022
Seven cheap defence stocks to buy now
Share tips

Seven cheap defence stocks to buy now

We’ve got used to a world without war between major powers, but that era is coming to an end as Russia threatens Ukraine and China eyes Taiwan. Buy de…
21 Jan 2022

Most Popular

Shareholder capitalism: why we must return power to listed companies’ ultimate owners
Investment strategy

Shareholder capitalism: why we must return power to listed companies’ ultimate owners

Under our system of shareholder capitalism it's not fund managers, it‘s the individual investors – the company's ultimate owners – who should be telli…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Temple Bar’s Ian Lance and Nick Purves: the essence of value investing
Investment strategy

Temple Bar’s Ian Lance and Nick Purves: the essence of value investing

Ian Lance and Nick Purves of the Temple Bar investment trust explain the essence of “value investing” – buying something for less than its intrinsic v…
14 Jan 2022