Lloyds to axe a further 5,000 jobs
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Lloyds Banking Group has revealed today that it is looking to shed up to 5,000 staff by the end of 2010.
Within mortgage operations, approximately 950 roles will be affected across the UK as the business is consolidated to seven sites. However, 680 positions will be relocated to a new site or redeployed. Following these changes, there will therefore be a net reduction of 270 jobs in mortgage operations.
Other job losses will come from the redeployment and the release of contractors, temporary staff and offshore personnel.
Taking these mitigating actions into account means there will be a net reduction of about 2,600 permanent jobs across the UK by the end of 2010.
In group operations, 2,820 roles will be affected, including 720 roles being redeployed. In addition, approximately 750 of the total role reductions, including about 550 offshore positions, are expected to be achieved through the release of contractors and temporary staff. Following these changes, there will be a net reduction of 1,350 jobs in group operations.
Within Insurance, 1,190 roles will be affected across the UK. 950 will come from the life, pensions and investments business and 240 from general insurance. Approximately 250 of the role reductions are expected to be achieved through the release of contractors and temporary staff. Therefore, there will be a net reduction of 940 jobs in Insurance.
Approximately 1,000 of the total role reductions, including about 550 offshore positions, are expected to be achieved through the release of contractors and temporary staff. Additionally, there will be 1,400 redeployed or relocated roles.
Mark Fisher, group integration director at Lloyds Banking Group says: “Today marks another important step in bringing our businesses together. In addition, our commitment is to keep colleagues fully informed about our integration plans. We will continue to work closely with our colleagues affected by today’s announcement to help them through these changes over the coming year. We have mitigated the impact on positions through redeployment and the release of contractors and temporary staff.”
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Readers' comments (5)
Tim Robinson | 10 Nov 2009 12:11 pm
And then next year they will sell C and G. Who said big is beautiful!
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Anonymous | 10 Nov 2009 12:22 pm
After being confronted by the same senario this time last year my thoughts are with the staff. 'Bringing our business together'??
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James Parvin | 10 Nov 2009 12:34 pm
Not surprising from a company who were thrown together by the government, not really wanted by some. I think it is called rationalisation, more like mass destruction.
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Matthew Sedgley | 10 Nov 2009 3:38 pm
I guess enough time has passed since the Chancellor's 'good' news for the 'real' news to be announced!
Do we have any plans for what to do with the every increasing number of unemployed other than amend the definition?
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Anonymous | 16 Nov 2009 12:11 pm
It wont be long before Halifax as a brand is sacrificed to make it look as though LBG have downsized..What that could mean is that Halifax GI for Intermediaries could be withdrawn (MPPI went last year)and then what will happen to renewal commissions? After all, the agreement is with Halifax GI and if they no longer exist...
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