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HBOS Announces 400 Job Losses

In a move to shore up what in the eyes of many has been an ailing business for a few months now, HBOS has confirmed that an additional 400 employees around the group will lose their jobs. This is on top of the 650 job losses announced earlier this summer as the group looks to reorganise and downscale for the future.

While many reasons for the job losses are specific to HBOS there is a feeling that many more groups in the sector will be forced to follow suit very soon. Now that HBOS has taken the first step there is a sneaking suspicion that others will feel it is almost expected of them.

The UK banking sector has never known more difficult times for many years as the credit crunch, a crumbling property market and a consumer spending downturn continue to hit home. The situation does not look like changing for the foreseeable future with inflation set to block any attempts by the authorities to refloat the sector. The £50 billion debt swap announced by the government earlier this year has also been utilised to the full with limited success and while many banks are calling for an extension, the Treasury does not seem too keen to fall into line.

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