Bank aims to slash 15,000 jobs

New chief un­der fire

Evening Express (Extra Edition) - - SHOWBIZ TODAY -

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.

UN­REST: A riot po­lice­man tack­les a pro­tester dur­ing clashes in cen­tral Athens as MPs voted on the un­pop­u­lar aus­ter­ity bill.

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