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Lloyds May Cut Up To 15,000 Jobs

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Lloyds Banking Group (LLOY.L) could cut up to 15,000 jobs as part of a new 1 billion pounds cost-saving plan, according to a report in the Sunday Times newspaper.

The report said whole layers of management would be stripped out of the bank, with hundreds of jobs likely to go at its head office and thousands of posts to be cut across Britain and in its remaining international outposts.

Lloyds, which is about 41 percent-owned by the government, last week said it would axe 300 jobs across its retail, wholesale and wealth units. It has shed 27,000 jobs over the last two years, as it continues an integration programme following its 2008 takeover of troubled lender HBOS.

Lloyds is due to announce the results of a strategic review later this month, which may outline further cost-saving initiatives and possible asset sales.

A Lloyds spokesman told Reuters the report was "entirely speculative" and that the bank would announce the conclusions of its strategic review on June 30.

Lloyds Chief Executive Antonio Horta-Osorio told British politicians last week that the strategy review would be "evolutionary rather than revolutionary."

Lloyds is in the process of selling 632 branches to meet European Union competition rules, but Britain's finance ministry wants advance knowledge of how many bank branches it should sell to boost competition.

Haha. Fvck em.

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In the past week Lloyds cut 300 call centre jobs in Bridgend but created 600 in Cardiff.

In the past 6 months they have been advertising for some serious IT contractor roles in Cardiff - I get the impression they are building some complex IT / Call Centre there to automate lots of banking stuff.

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So that sounds like 15,000 entirely UK jobs but with the call centre jobs, which I think are mainly overseas, completely untouched?

That in a UK bank largely surviving through the UK taxpayer? The UK taxpayer that also gives £billions of aid to the countries with those call centres?

Edited by billybong

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Those who are about to lose their livelihoods have my deepest sympathies. I suspect that the ones who can demonstrate the value they have added to the business will be fine. I wonder about all those tiers of middle management. Now that the bank is effectively nationalised, how many are glorified Diversity Officers ensuring that the various minorities default on their quota of Eric's "Liar Loans".

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Spend a £1bn employing 15,000 staff or sack them make their colleagues work harder and have another £1bn in bonuses.

It's a tough choice but I'm sure the bosses at Lloyds will give it a lot of thought.

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Spend a £1bn employing 15,000 staff or sack them make their colleagues work harder and have another £1bn in bonuses.

It's a tough choice but I'm sure the bosses at Lloyds will give it a lot of thought.

I can imagine the agony now over the decision.

Still the private sector will pick up the slack and create new jobs to replace those lost....

Go jobless recovery.

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hilarious, regular people losing their job, what a jape

There are 1000's of careers in which one could go into, almost all which require a standard of competency.

There are no certifications or formal qualification required to become a banker, so I care not for this part of society.

So guess what, I don't give a sh1t for 'bankers' losing jobs.

And yes, I find that to be mildly satisfying, just as I enjoyed seeing politicians struck down with the expenses scandal, and Gordon Brown forced out of #10.

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If they'd been allowed to go bust it's likely another bank, likely profitable, would have emerged to take over a fair number of those 15000 jobs already - and with less taxpayers input.

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I suspect that the ones who can demonstrate the value they have added to the business will be fine.

You realy have swallowed the corporate BS pill haven't you.

Or are you feeling a little vulnerable yourself, your cozy little bubble might get burst.

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Haha. Fvck em.

.....surprised it's taken so long after the merger Lloyds and HBOS....the duplication of everything must have been horrendous...and they have only been biting off at the edges from the start .....for being so slow off the mark and wasting our money the Board should be sacked ....add in any Board paying bonuses from their position should not be entertained in the world of business ...get rid....it is pathetic this era of reward for failure ....now is the last chance to change.... :rolleyes:

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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