Restructuring events
European Restructuring Monitor (ERM)
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.
Lloyds Banking Group have announced approximately 530 job cuts, and one site closure, by the end of 2009. A customer service unit in Chatham, Kent is to close with the loss of 210 jobs, and nationwide another 320 positions will be lost from other retail operations, such as regulated sales, mortgages and network support. This includes 30 job losses in both London and Birmingham. This latest announcement closely follows the 625 job losses last month, and is at least the fourth announcement of its kind from the company so far this year. Since the Group was created from the merging of Lloyds TSB and HBOS in January 2009 approximately 3000 job cuts have been announced. Ged Nichols, general secretary of union Accord, said: "We believe that UK taxpayers will expect the bank to work in partnership with Accord and the other unions representing its employees to minimise unnecessary unemployment, particularly given the support that UK taxpayers have provided to the bank." Lloyds said any compulsory cuts would be "a last resort" and have promised to act "carefully and sensitively".
Lloyds had previously announced other job cuts (see factsheets 1 and 2).
Eurofound (2009), Lloyds, Internal restructuring in United Kingdom, factsheet number 69060, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/69060.
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