Finance News

Lloyds Banking Group to slash almost 1000 jobs

Lloyds Banking Group has confirmed it is to axe 985 jobs over the next two years at its motor finance unit, after a detailed review established that the division was "no longer financially viable".

The move comes as Lloyds looks to cut costs after the bank was created following the merger of Lloyds TSB and HBOS. The merged group is the largest provider of car finance in the UK and operates under several brands, including the Bank of Scotland and the Black Horse.

Unions believe that Lloyds Banking Group, which is 43% owned by the Government, will be axing more jobs and closing branches, due to the level of overlap between the two merged banks. The bank has a workforce of 140,000.

Returning to today's announcement, it is understood that 200 jobs in Speke, Merseyside, could be affected, as well as 340 jobs in Chester.

According to the banking giant, some of the losses will arise from combining the two sales forces but the union Unite said it was in talks with the bank and hopes that compulsory redundancies will be a "last resort".

The news comes shortly after insurer Royal Sun Alliance announced 500 job losses.

Source: Financemarkets
Date: 28.04.2009 [ID: 224]

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