Lloyds is sacking another 1,200 workers – while CEO takes £11 million a year

Social Justice

Unite vows to fight 'horrific' job losses at bank billions in profit

Image: Moneybright

Staff at Lloyds Bank arrived at work today to be told 1,200 of them would be losing their jobs, despite the company making billions in profit.

The bank, which is nine per cent state-owned, confirmed sackings in group operations, retail, marketing and finance divisions, as part of a wave of cutbacks that will see at least 9,000 made redundant.

Trade union Unite called this ‘horrific news for staff’ and vowed to fight the job losses.

A Lloyds Banking Group statement said:

‘This process involves taking difficult decisions, and we are committed to working through these changes in a careful and sensitive way.

All affected employees have been briefed by their line manager today.’

It said the bank would seek to ‘redeploy people wherever possible’, adding: ‘Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.’

Antonio Horta-Osario, CEO of LBG, is won of the top earning bosses among FTSE 100 companies, taking home £11 million each year.

Rob MacGregor, Unite national officer, said:

‘The constant flow of job cuts across LBG must now be halted and staff be allowed to get on with delivering the high quality and impressive service they are so good at providing.

The Lloyds management pursuit of this cuts agenda is counter-productive in their aim of a successful business.’

He added: ‘Unite will oppose all job losses and challenge senior management to ensure all those affected by this latest round of announcements be offered alternative suitable employment.’

Lloyds Banking Group’s website says it makes £1.6 billion in profit before tax, while the business as a whole is up five per cent to £8.1 billion.

Adam Barnett is staff writer for Left Foot Forward. Follow him on Twitter @AdamBarnett13 

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