EMCC European Monitoring Centre on Change

Lloyds TSB

Company/Organisation:
Lloyds TSB

Geographic Location

Country: United Kingdom
Location of affected unit(s): Nationwide

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Group: Lloyds Banking Group

Employment Effects

Announcement Date: 10-11-2009
Planned Job Reductions min: 5000
Planned Job Reductions max: 5000
Type of Restructuring: Internal restructuring
Foreseen End Date: 31-12-2010

Additional Information

Lloyds Banking Group has announced that it is to cut 5,000 jobs by the end of 2010. These cuts bring the number of job losses announced within the group to over 10,000 this year. Most jobs will be lost within the operations unit, which includes IT, collections and payment services. The job losses are intended to reduce overlap following the merger of Lloyds and HBOS.

1000 of the job losses will be in Scotland, and 530 in West Yorkshire.