More Job Losses in Store for Lloyds Group

The Lloyds banking group has recently announced that over the next three years, they plan to shed approximately 2,100 jobs.  At the same time as these job cuts, the banking group announced that there will however be 350 jobs created.

These recent reports come as a great shock to the trade unions who announced their astonishment as the latest figures will bring the total estimated job cuts for the Lloyds banking group to a staggering 7,000 since January.  The bank which is partly owned by UK taxpayers was formed recently as the result of a merger between HBOS and the Lloyds TSB at the end of last year.

These job cuts have earned the Lloyds banking group a great deal of criticism and third party opinion on the bank is far from positive.  Unions reported that bank employees are in a “permanent state of anxiety” as a result of this latest news.

The latest cuts from the bank looks set to target five commercial services centres and two call centres and it also includes the full closure of all Cheltenham and Gloucester branches.

The banks response to criticism about the number of changes was that this is merely the process of bringing the two merged banks closer together to ensure that the Lloyds banking group are in an optimum position for the future, and they announced that they would be working closely to help those colleagues that are affected by the cuts.

In this current job market, with the benefits system overstretched, whether or not the British government can afford to take care of another 2100 people claiming benefit is uncertain.  What is certain is that job losses such as this cannot continue if the British economy is going to recover any time in the near future.

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