Lloyds Bank announces a further 1,850 job losses
Since buying HBOS last year Lloyds Bank has been forced to make 17,700 of the combined group's workforce redundant. Today's announcement of 1,850 job losses is not a surprise for the unions but does perfectly illustrates the difficulties which the group is facing in the short to medium term. While a number of the job losses have supposedly been reached via redeployment, retirements and voluntary redundancy there have also been some compulsory redundancies.
It is worth remembering that Lloyds Bank is 40% owned by the UK government, as a guardian for the investment by UK taxpayers, although as yet the likes of Lloyds Bank and Royal Bank of Scotland appear to have given little back to the UK public and the UK business arena. It is unclear whether this will be the final round of redundancies with Lloyds Bank but one thing is for sure, as with Royal Bank of Scotland, the Lloyds Bank of yesteryear has disappeared forever and the Lloyds Bank of the future will be very different indeed.
In many ways the directors of Lloyds Bank are in a no-win situation because if they invest more money into the economy and economy fails then they will be slaughtered by the press but if they maintain a number of low risk strategies they will be accused of "not helping the UK economy".
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