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Lloyds bank announces another 373 job cuts today

Lloyds bank has announced a further 373 job cuts in its Brighton operation bringing the tally to over 15,000 job losses at the company. When you take a step back and consider the enormity of the job losses at Lloyd's bank it is difficult to see how so many jobs could be lost and the company still maintain any kind of momentum going forward. When you also consider the company is effectively majority-owned by the UK government, on behalf or UK taxpayers, it is also difficult to see any potential return for taxpayers in the short term.

While in many ways Lloyds bank has its hands tied behind its back because of various EU directives regarding state bailouts, there is no doubt that the company is still suffering from the massive fallout created by the HBOS merger. This is something which reared its head last week at the shareholder meeting amid angry scenes which saw the Lloyds bank directors come under significant pressure from private and institutional shareholders.

The company is in the middle of a massive fundraising exercise which will have an enormous impact on the company's balance sheet and it's short to medium term finances. However, many shareholders have long memories and will not forget the way in which the company changed from one of the more conservative UK banks to a "basket case" in the short term.

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