Lloyds bank announces further job cuts
Lloyds bank, in which the UK government has a major share stake, has today confirmed a further 4,500 job cuts in its IT division. This takes the total number of job cuts since its merger with HBOS to "around 22,000" and has provoked an angry response from union leaders.
This massive reduction in the Lloyds bank workforce continues to go on with more job cuts expected in due course as the company admitted it could not rule out further restructuring. This is an operation which was effectively bailed out by UK taxpayers although as yet there has been very little return and the company continues to shed jobs.
It is believed that many of the HBOS operations will account for the bulk of the job losses although offices in Edinburgh, Halifax, Leeds and Chester are set to be hit harder than most. The UK government has very little in the way of influence regarding these job cuts because there is a conflict of interest on one hand with a significant stake while on the other looking to assist the UK employment market. The ongoing demise of the UK banking sector is a stark reminder of the deep scars left behind by the credit crunch and worldwide recession.
Share this..
Related stories
Will the UK economy really bounced back stronger?
Gordon Brown's suggestion that the UK economy will bounce back stronger than ever before has given some people hope in the UK but many are waiting for the proof behind the very upbeat forecast. The figures would suggest that the UK is currently weaker than it has been at any time in modern history and taxpayers and consumers are more concerned than ever before about the immediate outlook.
<...
UK pound hits 10 month high against the dollar
While there were signs of recovery in the UK currency over the last few months, today's announcements from Barclays bank and HSBC have given currency traders something to think about. The indication is, albeit cautiously, that the UK economy has potentially turned the corner and liquidity should start to pour back into the UK money markets over the next few weeks and months. As a consequence the U...
Read MoreThe Autumn Statement- what does it mean for me?
03/12/2014 Today, at 12:30, Chancellor of the Exchequer George Osborne delivered his Autumn Statement. He presented us with the growth and borrowing forecasts, as well as new policies and measures that will be felt throughout the country. Here at financialadvice.co.uk we live tweeted the whole thing, and below we have covered some of the main points, and how they may affect you and your family...
Read MoreBank of England sees recovery towards the end of 2009
In a move which will surprise many observers ahead of the budget on Wednesday it has been revealed that the Bank of England expect the UK economy to recover towards the end of 2009 and move into positive territory in 2010. Despite the fact that today we saw inflation turn negative for the first time in 50 years it seems as though the UK recession may be coming to an end and consumers may be growin...
Read MoreThe RDR – What is it?
Much has been made in 2012 about the impending changes to financial advice, which will be brought about by the introduction of the RDR on 31 December. With just over two months to go now before the Retail Distribution Review is brought into effect, there are still many people who will be confused by what it actually is. The RDR is essentially a measure brought in by the Financial Services Autho...
Read More