The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
5,000 jobs Number of planned job losses
Announcement Date
10 November 2009
Employment effect (start)
Foreseen end date
31 December 2010
Description
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.
Sources
10 November 2009: BBC Website
Citation
Eurofound (2009), Lloyds TSB, Internal restructuring in United Kingdom, factsheet number 69818, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69818.
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