Lloyds Banking Group to cut 4,500 technology jobs

14 October 2010

Financial services provider Lloyds has announced plans to cut 4,500 technology jobs.

According to news reports, the move brings the total number of redundancies made at the bank since the beginning of 2009 to 20,000 .

From these latest cuts, 1,750 are thought to be positions outside of the UK while 1,600 workers on permanent contracts as well as a further 1,150 in temporary positions will be affected by the announcement.

Cath Speight, Unite national officer, said: “It is an absolute disgrace that Lloyds Banking Group, which is being kept alive by the taxpayer, is cutting more jobs and moving these jobs out of the UK.

“It is now time for the government step in and demand answers on behalf of taxpayers and staff. The announcement of 4,500 job cuts today (Wednesday 13th October) lets down its staff, customers and taxpayers with no acknowledgement of Lloyds Banking Group’s social responsibilities.”

The job cuts are thought to be being made as part of its three-year integration plan with HBOS.

Lloyds, which is currently 41 per cent owned by the UK taxpayer following its reliance upon fiscal stimulus during the global credit crisis, said it was mitigating the impact on permanent staff by aiming cuts within its contractor workforce.

By Jim Ottewill

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