Latest posts by Alex Munro (see all)
- Post-Brexit fight for London’s banking crown heats up - 21 Oct 2016
- Rowan Dartington seized another director from Brewin Dolphin - 20 Oct 2016
- Lloyds announced major workforce cuts - 14 Oct 2016
The latest round of job slashing, which is mainly aimed at personnel working in retail, marketing, finance and risk division and group operations, follows the promise given in July to cut 3000 jobs and shut down 200 branches with the purpose of saving £400m by the end of 2017.
Lloyds has been severely criticised for such measures which were called “horrific” by the labour union Unite.
Antonio Horta-Osorio, the Lloyds’s CEO, said that their decision to slash jobs was not an easy one, but the situation with branches falling by 15% year on year is dire.
Osorio, Portugal native-born, who has taken British nationality, said he predicted that the ramifications of Brexit would result in a “deceleration of growth” in the period of volatility. Interest rates would most likely fall to 0.25%, he stated, but should not drop below zero. He did not venture to predict how long the rates would remain at that level, though.
Rob MacGregor, the Unite national officer, called the slash “grim news”, Ged Nichols, the general secretary of the Accord union, said such measures would make people perplexed.
“They will be bewildered by today’s news and wonder what has happened that is so catastrophic that these further job cuts and branch closures are necessary. Interest rates might be lower for longer, but why are job losses higher and faster? Where will the axe fall next?”