eu britain lloyds bank 110909
On the homepage
Vikings
Out There
Table Talk
Crimefighting
Lloyds Banking Group to cut 5,000 more jobs as it reorganizes operations
Print this story
E-mail this story
Save to del.icio.us
Share on Facebook
Share on Digg
Minnesota business by the numbers
See Minnesota's top earning companies, CEOs and non-profits
More from Business
LONDON - Britain's Lloyds Banking Group PLC said Tuesday it plans to cut 5,000 more jobs as it reorganizes its group operations and insurance and retail divisions.
The bank, which has been bailed out by the government, had announced a total reduction of 6,400 jobs in the first half of the year. It employed about 118,000 people at the end of June.
It said the latest round of job-cutting would include about 2,400 contractors, temporary staff and offshore personnel.
"This Lloyds Banking Group announcement of 5,000 job losses demonstrates the depth of corporate arrogance within this taxpayer-supported bank," said Rob MacGregor, a union national officer.
He called for an agreement with the company that there would be no compulsory layoffs.
The government,which holds a 43.4 percent stake in Lloyds Banking Group, announced last week that it would inject another 5.7 billion pounds ($9.5 billion) to take up its share in Lloyds' planned record-breaking 13.5 billion pound rights issue.
Lloyds announced at the same time that it would dispose of more than 600 branches, or 4.6 percent of its total, over the next four years to appease EU competition regulators.
Lloyds Banking Group was formed in January when Lloyds TSB took rescued Halifax/Bank of Scotland.
Recent Business stories
More consumers make credit card payments on time in 3Q; 1st time in 10 yrs 3Q improves over 2Q - November 10, 2009
More consumers make credit card payments on time in 3Q; 1st time in 10 yrs 3Q improves over 2Q - For the first time in a decade, more people paid their credit card bills on time in the third quarter this year than in the second quarter. More
Blog: Patent Pending
Lights out at U energy conference. Irony police notified.
Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.
Comment on this story | Be the first to comment | Hide reader comments