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Business

UK banking giant Lloyds to cut 5,000 jobs by 2010

Text by News Wires

Latest update : 2009-11-10

Despite receiving a bailout from the British Government, UK banking giant Lloyds is following in the footsteps of RBS and HSBC by announcing that it is looking to cut 5,000 jobs by 2010.

REUTERS - Bailed-out British lender Lloyds Banking Group is to cut a further 5,000 jobs by the end of 2010 as it continues to overhaul its operations and integrate HBOS.

Lloyds, 43 percent owned by the government, said on Tuesday it would take mitigating actions, including redeploying staff and releasing contractors and temporary employees, to limit the net reduction in permanent jobs to 2,600.

That would take net cuts to permanent jobs at Lloyds to around 9,000 since it acquired HBOS in January. Analysts have estimated that over 30,000 jobs could go as the two banks integrate.

News of further bank sector redundancies came a week after more than 5,400 jobs were cut at part-nationalised rival Royal Bank of Scotland and HSBC.

The Unite union said the cuts were "corporate arrogance".

"This country's financial sector should be looking towards the future, rather then continuing to slash jobs without proper consideration of how to re-build the public's confidence in our tarnished banking sector," Unite national officer Rob MacGregor said in a statement calling for a suspension of job losses.

Lloyds said 2,820 roles -- the bulk of the total -- would be cut in group operations, with contractors and temporary staff helping to keep the net reduction to 1,350.

It will also cut 1,190 jobs in insurance across Britain, and 950 in its mortgage operations where business will be consolidated to a handful of sites.

Lloyds said compulsory redundancies would be a last resort.

Date created : 2009-11-10

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