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Lloyds bank announces 1200 job cuts

The news that the enlarged Lloyds bank group will lose a further 1200 staff in the short term has attracted significant criticism from unions and UK taxpayers. This now brings the total number of redundancies to 8200 and has seen the company slash its workforce by 5.5% since its merger with HBOS. While there were no indications of any future job losses, unions believe the figure will top 25,000 before the reorganisation is over, reducing the combined workforce from 140,000 to 115,000.

The company is coming under severe criticism because of the softly softly approach to the redundancies and the fact that the directors do not appear willing to engage in any discussions with unions. Whatever the real story behind the scenes of the merger of Lloyds bank and HBOS there is no doubt that a perfectly good company has been brought back down to earth by the injection of the HBOS business.

The unions now believe that Lloyds bank is cutting back so severely on staff numbers that it will eventually put customer service levels at risk and ultimately impact upon the profitability of the business. The UK government is also coming under pressure as the redundancy number continues to grow and more and more people lose their jobs from what is effectively a part taxpayer owned business.

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