Tuesday, September 29, 2009

Huge job losses on way

EU says Lloyds needs to shrink presence

BRUSSELS (Reuters) - Partially nationalised bank Lloyds must not be allowed to remain dominant in areas where it has a strong presence after receiving billions of pounds in state aid, the European Union's antitrust chief said.

Posted by mark @ 01:34 PM (864 views)
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3 thoughts on “Huge job losses on way

  • Actually, huge job losses partially averted.

    Lloyds was planning to close pretty much all the Lloyds TSB branches in Scotland where there is a Bank of Scotland branch nearby, all the Cheltenham & Gloucester branches where there is a Lloyds nearby (or a Bank of Scotland in Scotland), merge the call centre and back office functions of Halifax and Lloyds, and possibly close down all the Bank of Scotland branches and Bank of Scotland corporate offices in England.

    This might now not happen.

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  • interesting

    how will they shrink?

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  • By selling or demerging at least one of their bank brands, most likely Halifax. Lloyds is proposing to sell Cheltenham & Gloucester to someone who isn’t already involved in branch mortgage and savings banking, possibly Virgin Money or Tesco, but the EU wants a bigger divestment than that.

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