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Lloyds bank to cut 5000 jobs across the UK

It has been revealed that Lloyds bank will be cutting 5000 employment positions across the UK as the group looks to close a number of insurance and mortgage processing units. This is just the latest in a number of job cuts in the UK banking industry predominantly from Royal Bank of Scotland and Lloyds bank, both of which are majority owned by the UK government and UK taxpayers.

It seems in many ways that the reward for bailing out the likes of Lloyds bank and Royal Bank of Scotland is massive job cuts across the industry which are obviously impacting upon everyday taxpayers in the marketplace. When you also take into account the 6000 job cuts so far by Lloyds bank alone it begins to put the whole situation in perspective and problems in the UK employment market seem to be worsening in the short term at least.

The Scottish banking sector has taken a particularly large hit over the last few months with 1000 job losses already confirmed and a further 1000 set to occur in the New Year. Historically the Scottish banking sector has been a very strong and vibrant part of the UK economy but of late its standing in the economy has diminished somewhat.

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