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Lloyds bank is considering further redundancies

Lloyds bank has today confirmed that the group is considering the future of up to 300 agency counters around the UK. This is the next step in a significant cost reduction programme introduced by new chief executive Eric Daniels who believes he can slash £1.5 billion from the cost base of the company. While the group has reiterated that the 3000 Lloyds TSB, Halifax and Bank of Scotland branches in the UK are not involved in this specific review there are fears for the future.

So far the group has reduced the employee count by 7,000 and many people believe this figure will soon pass 10,000 and upwards. Slowly but surely the bank is looking to reduce its exposure to the UK high street, with the disastrous acquisition of HBOS behind the ongoing move to cut costs. It is no secret that the finances of Lloyds bank are in a very difficult situation at the moment with rumours of a potential £10 billion rights issue on the way.

While the unions have obviously expressed their anger and disappointment at the ongoing job cuts at the group, ultimately the directors have no choice because of the current situation and the need to slim down and reduce costs as soon as possible.

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