Lloyds / 38,000 jobs cut since HBOS rescue

The job toll at Lloyds Banking Group since the rescue of HBOS has reached 38,000 after another 940 cuts were announced.

“This is a bleak start to the year for hard-working Lloyds employees and bad news for the UK economy on a day when the small fall in the numbers unemployed was supposed to be good news,” Ged Nichols, general secretary of the Accord union, said.

The bailed out bank said the latest cuts would take place across the group in operations as diverse as insurance, retail, wealth, international and commercial, with the highest concentration in Scotland where 230 roles will be lost.

Nichols was also angry that 200 positions were being taken offshore to India, and said the bank should “think of the public interest” before taking such decisions.

The latest staff cuts are part of an ongoing programme to cut 15,000 jobs implemented by Antonio Horta-Osorio after he was appointed chief executive in 2011. Some 8,000 have already been cut, with the rest to be announced before the end of 2014. Nichols expects another 5,000 jobs to go this year.

Choosen excerpts by Job Market Monitor from

via Lloyds job cuts reach 38,000 since HBOS rescue as 940 more roles go | Business | guardian.co.uk.