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Category : Business

The latest cuts are taking place in Newcastle, Romford, and Scunthorpe, in the bailed-out bank’s latest round of cost cutting

Nearly 1,000 jobs are being cut by Lloyds Banking Group, it was announced on Tuesday, in the bailed-out bank’s latest round of cost-cutting that will eventually lead to 45,000 roles being lost as a result of the rescue of HBOS.

The latest cuts are taking place in Newcastle, Romford, and Scunthorpe – a move that, Ged Nichols, general secretary of Accord union, described as “devastating news for the employees who will be affected and the communities in which they live”.

“Newcastle, Romford and Scunthorpe are areas that cannot afford to lose the high quality jobs that will go as a result of today’s announcement,” said Nichols, whose Accord union represents the largest number – around 60% – of ex-HBOS employees.

“Whilst Accord has informed Lloyds that it must do everything possible to avoid compulsory redundancies and work with us to provide support and guidance to those affected, the truth is that even those who volunteer to go will find it difficult to find alternative employment in these difficult economic times,” he added.

In June, the new boss of Lloyds, António Horta-Osório, announced 15,000 cuts to save a further £1.5bn. These latest 1,000 of cuts mean that 3,800 of those 15,000 have now been announced while the total number of job losses since the HBOS rescue in September 2008 will reach almost 45,000.

The cuts to the workforce are expected to take place by 2014.

Horta-Osório returned to work last month after nearly a two months absence brought on by fatigue when he could not sleep for five consecutive nights. Within days of returning, the Portuguese-born banker waived any potential bonus, which could have been up to £2.4m, citing the economy and his absence from work.

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