Banking union slams Lloyds over jobs and offshoring

3 July 2009

Trade union LTU has attacks Lloyds Banking Group and called on the government to intervene in the state-backed lender's affairs after it announced more job cuts and renewed its commitment to its offshoring policy.

Lloyds has confirmed that it will cut a further 2,113 jobs as it continues to rationalize following the merger of Lloyds TSB and HBOS. Over the past ten weeks, the banking conglomerate has announced 7,500 job losses, Shout99 reports.

LTU said managers have rubbed "further salt into staff wounds" by renewing their commitment to the offshoring policy.

Union officials claim that under the strategy, Lloyds is bringing in personnel from India to carry out work that could be done by UK workers.

LTU assistant general secretary Mark Brown said that as the government owns a 43.4 per cent stake in Lloyds Banking Group, it needs to explain why it has not used its influence to "force Lloyds into investing in and protecting the jobs of UK-based staff".

The merger of Lloyds TSB and HBOS was completed in January.

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