Bank aims to slash 15,000 jobs
New chief under fire
LLOYDS Banking Group delivered another blow to staff today as it unveiled plans to axe a further 15,000 jobs.
The cuts, to be made by 2014, are expected to save £1.5 billion a year.
The news was unveiled by new chief executive Antonio Horta-Osorio as part of his strategic review for the taxpayer-backed lender.
The latest cull will bring total job losses at the 41% state-owned bank to more than 40,000 since the group was formed in 2009 when Lloyds TSB and HBOS merged.
Promising a more “agile” organisation, Mr Horta-Osorio said the majority of job cuts were likely to be in middle management and office roles rather than in branches.
Lloyds will also look to use natural staff attrition and internal redeployment where possible, rather than redundancy.
However, the Unite union today said the review will cause “deep distress and anxiety” across the company.
David Fleming, Unite national officer, said: “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 t o s a c k mor e employees.”
Mr H o r t a - O s o r i o , the Portuguese-born banker who took the top post in March after being poached from rival Santander, also announced plans to reduce the company’s international presence from 30 countries to less than half that number by 2014.
He also pledged to revitalise the Halifax brand.
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