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700 job cuts at Lloyds 'exposes the myth' that...

700 job cuts at Lloyds 'exposes the myth' that we’re in this together

01 July 2015

Today’s announcement of a further 700 job cuts across Lloyds Banking Group (LBG) is another body blow for a workforce who have struggled to bring the bank back into profit says Unite, the trade union for UK bank workers.

The news comes a week after senior executives were awarded millions in bonuses, and less than a month after the bank was hit with massive fines for PPI mis-handling.
 
Rob MacGregor Unite national officer for finance said:
 
“Lloyds senior management claim that the bank’s recovery "helps Britain prosper" and that the interests of staff, customers and shareholders are all aligned.
 
“Today's announcement that they intend to axe 700 more jobs after senior executives received £2 million in bonuses exposes this claim as a myth .
 
“While those at the top are rewarded for the Group’s rising share price, once again staff who have worked for that success receive all the pain and little of the profits.
 
“Unite demands that all impacted workers are offered meaningful and realistic job alternatives within the Group.”
 
LBG will release more details throughout July as the 700 job cuts impact staff across the bank’s divisions including; Retail, Group Operations, Consumer Finance, Commercial Banking,  and a number of Risk, Finance, and HR roles.

Unite opposes all job losses and demands that senior management guarantee that all staff impacted by this latest round of cuts are offered genuine and realistic alternative job options within LBG.
 
ENDS

For more information please contact Ben Norman on 07525 590 075 or Ben.Norman@unitetheunion.org. Alternatively contact the Unite press team on 020 3371 2065
 
Twitter: @unitetheunion Facebook: unitetheunion1

Notes to editors:

Unite is Britain and Ireland’s largest trade union with over 1.4 million members working across all sectors of the economy. The general secretary is Len McCluskey