Lloyds to shed 15,000 jobs

30 Jun

Unite is horrified at today’s announcement by Lloyds Banking Group that the Group intends to shed a further 15,000 jobs overthe next 3 years.

After three years of job insecurity, integration, more than 27,000  job losses and the sale of branches through Verde, Unite members and colleagues are facing a further three years of insecurity, uncertainty and misery.

Unite members and colleagues are particularly fearful as today’s announcement means that 1 in 8 roles are going to be lost over the next 3 years. Unite is seeking greater clarity as to where these losses will materialise.

National officer David Fleming said:

The long awaited results of the Lloyds Strategic Review will cause deep distress and anxiety across the company as staff face the reality of this arbitrary slashing of jobs. Astonishingly one in eight roles will be lost over the next three years.  This review is merely another box ticking exercise to give this bank, which has already, since its creation two years ago cut over 27,000 staff, an excuse to sack more employees.

The conclusion of this review to make 15,000 staff cuts is yet another extreme example of the financial services industry cutting vital staff in a desperate attempt to create a mirage of acceptability following the financial crisis. But this total failure to take significant action to make appropriate changes to rebuild the public confidence in the sector is deplorable.

Today Lloyds Banking Group is simply attacking the workforce who service local communities and deliver the highest levels of service to the consumers of the bank. This review does nothing to deal with the structural challenges facing the organisation.

From this much hyped up strategic review, there is still no clarity how Lloyds will help deliver economic growth or to give consumers choice on the high street. The massive cuts announced today, coupled with the directive to sell some 600 branches does nothing for customers or businesses to ease the financial pressures they face, only creating more insecurity across the economy.

The Bad News

  • The Group has promised the City and investors a further£1.5bn savings
  • Projected job losses in the region of 15,000

The Good News

  • A commitment to branch network brands such as Halifax, BOS and LTSB.
  • This will include Scottish Widows and SWIPwho will be considered an integral part of the Group
  • A commitment that the Group will not offshore any furtherback office work

Until today, Unite has had no sight of the outcome of the strategic review. However we have immediately called on LBG to:

  • Meet with Unite now to discuss, in detail, the outcome of the Strategic Review
  • Halt the constant haemorrhaging of jobs
  • Undertake a full and proper joint review of temporary workers that are currently working in the Company

Unite will issue regular newsletters when further information is available and as consultation takes place. We will continue to challenge the Company on all job losses. Our success speaks for itself whereby colleagues in Chester and Bridgend have been given a level of job security in a way that has not been seen before in Lloyds Banking Group.

Join Unite the Union

  • At a time of such high insecurity, you need a professional trade union. Unite is that union. Unite continues to call:
  • For a commitment to no compulsory redundancies
  • For the end to the practice of utilising contractors/temporary workers
  • To open the relocation package/travel allowance policy toall impacted colleagues who would be willing to retain a role in LBG
  • To return all offshored work to protect the job security andlivelihoods of LBG colleagues
  • For the Company to share other cost-saving measures other than site closures and job losses


  • Unite is the only union recognised in all areas of Lloyds TSB
  • Unite is the only union recognised in Cheltenham & Gloucester
  • Unite is the only union recognised in both Lloyds TSB and HBOS
  • Unite has a workplace reps structure of 180+ to ensure your voice is heard at negotiations and consultations

Join Unite online, or by calling the LBG helpline on 08081449595.

Alternatively you can contact your local rep who would be only too happy to help.

If you are interested in being a rep, there is more information here.

We deserve better.

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