Lloyds bank announces 625 job cuts
In what many unions are calling "death by 1000 cuts" Lloyds bank has today announced a further 625 job cuts to go with the 2225 announced when the Lloyds bank and HBOS merger was completed. However, many unions in the UK believe this is just the tip of the iceberg with potentially 20,000 to 30,000 jobs at stake from a combined workforce of over 140,000 people. This has the potential to be far greater than the 20,000 job losses seen when Royal Bank of Scotland and NatWest merged some time ago and places both Lloyds bank and the government in the spotlight.
Despite assurances by the UK government that taxpayer assistance in UK banking industry would in many cases protect jobs and protect services this does not appear to be happening at the moment. We have seen tens of thousands of job cuts across the UK financial sector so far and there is much more bloodletting to come in due course. The merger of Lloyds bank and HBOS has so far been one of the more disastrous deals in the UK banking sector although compared to the alternative of a total collapse of the system it is perhaps a small price to pay in the long run.
However, try telling the Lloyds bank staff who look set to lose their jobs that it is all for the best in the long run and you may get different answer.
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