Lloyds Banking Group plans more job cuts, reports say
By Vasilije Gallak on Jun 9, 2009 in Business News, Featured, United Kingdom
London – Britain’s Lloyds Banking Group is planning a new wave of job cuts by closing nearly 200 branches of a former building society with up to 1,500 jobs at risk, the BBC reported Tuesday.
Lloyds, which has been struggling to digest its mega-merger with ailing Halifax Bank of Scotland (HBOS) earlier this year, would close some 160 branches of the Cheltenham and Gloucester bank, a former building society it acquired before the banking crisis.
Trade Unions have described the Lloyds plans, expected to be confirmed later Tuesday, as “death by a thousand cuts,” following the reduction of some 3,000 jobs as a result of the HBOS takeover. (dpa)