Major job losses announced at LBG

Unite, a recognised trade union in LBG, has branded the decision by the bank to cut over 1,000 staff in the profit-making bank, a shameful decision.

Despite posting strong Quarter Three profits Lloyds Banking Group (LBG) has decided to go forward and cut 1,070 staff. Whilst the bank has announced the intention to create 329 roles, these will be of no comfort to the 1,000 staff who have today lost their incomes and livelihoods.

Unite has called on LBG to postpone its planned restructuring programmes with immediate effect following the release of better than expected Q3 results and the rising threat posed by the Covid-19 pandemic.

Rob MacGregor, Unite national officer said, “Unite cannot comprehend why LBG would choose to cut 1,000 staff who have given the bank such commitment and dedication during a global pandemic. These staff have worked tirelessly despite any risks to themselves.

“LBG has produced better than expected Q3 results, posting in excess of £1 billion of pre-tax profit – a direct result of the hard work and versatility of its workforce,” he added. “This cost cutting strategy will not serve the bank or its customers. It is impossible to reconcile the job losses announced today with such an improved balance sheet.

“Unite is calling on LBG to do the right thing and put on hold its restructure plans. The threat caused by the pandemic is now unquestionable. The bank must now ‘hit the pause button’ on its job loss and redundancy programme. We need a fresh approach to the unprecedented challenges that Covid-19 has created for all of us.”

The job losses planned will be across the commercial and retail bank.

By Saba Edwards