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
15,000 jobs Number of planned job losses
Announcement Date
30 June 2011
Employment effect (start)
Foreseen end date
31 December 2013
Description
Lloyds Banking Group has announced that it is to cut 15,000 jobs by 2014 as part of new chief executive Antonio Horta-Osorio's strategic review. The bank has insisted that the cuts were necessary for the good of the bank and the UK economy in plans to create a more agile organisation. Trade Union Unite said that the job cuts would cause ‘deep distress and anxiety'. The bank has already cut 27,000 jobs in the last 2 years.
Updated, 09/05/2013: Lloyds announced plans to cut 850 jobs as part of the 15,000 foreseen redundancies. More than 600 of the planned job losses will be the result of the closure of a large office in Southend, while the remaining jobs will go in the bank's commercial and insurance operations. The bank stated it would prioritize voluntary redundancies, with compulsory redundancies "as a last resort".
Updated, 09/07/2014: Lloyds has announced plans to cut 500 jobs. The group claims that the losses are part of the 15,000 job losses announced in its 2011 review. The Unite union criticised Lloyds' policy of "salami slicing" jobs especially in the context of offshoring work to reduce costs. The Unite figures estimate that 30,000 jobs have been lost since the financial crisis began in 2008.
Sources
9 July 2014: The Guardian
9 May 2013: Reuters
3 July 2011: The Times
9 May 2013: BBC News
Citation
Eurofound (2011), Lloyds Banking Group, Internal restructuring in United Kingdom, factsheet number 72331, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72331.
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