British bank Lloyds says it will axe another 460 jobs

[Watchman]

British bank Lloyds says it will axe another 460 jobs
Fri, Oct 16, 2009
AFP

LONDON, England - Britain's state-rescued Lloyds Banking Group on Friday said it would cut up to 460 more positions, bringing to about 8,000 the total number of job losses it has announced since the start of the year.

LBG said more jobs would disappear as a result of an agreement to sell its loss-making Halifax Estate Agency business to LSL Property Services for the nominal fee of one pound (S$2.20).

"As part of the transaction, there are 121 ... banking counters located within the estate agent offices which will close early in the New Year," said LBG.

"It is anticipated that as a result of the counter closures, up to 460 colleagues will be affected."

An additional 1,050 staff currently working across LBG's 218 estate agency offices will transfer to LSL Property Services on completion of the sale that is expected to conclude in January.

LBG, which is 43 percent owned by the taxpayer after a massive government bailout, has slashed thousands of jobs since its creation earlier this year following Lloyds TSB's takeover of rival banking group Halifax Bank of Scotland (HBOS).

Lloyds TSB took over HBOS when the latter faced possible collapse with the credit crunch hitting its ability to raise funds.

 

[SamuelStalin]

British bank Lloyds says it will axe another 460 jobs
Fri, Oct 16, 2009
AFP

LONDON, England - Britain's state-rescued Lloyds Banking Group on Friday said it would cut up to 460 more positions, bringing to about 8,000 the total number of job losses it has announced since the start of the year.

LBG said more jobs would disappear as a result of an agreement to sell its loss-making Halifax Estate Agency business to LSL Property Services for the nominal fee of one pound (S$2.20).

"As part of the transaction, there are 121 ... banking counters located within the estate agent offices which will close early in the New Year," said LBG.

"It is anticipated that as a result of the counter closures, up to 460 colleagues will be affected."

An additional 1,050 staff currently working across LBG's 218 estate agency offices will transfer to LSL Property Services on completion of the sale that is expected to conclude in January.

LBG, which is 43 percent owned by the taxpayer after a massive government bailout, has slashed thousands of jobs since its creation earlier this year following Lloyds TSB's takeover of rival banking group Halifax Bank of Scotland (HBOS).

Lloyds TSB took over HBOS when the latter faced possible collapse with the credit crunch hitting its ability to raise funds.

So this is the thanks they give to the state after being rescued.

 

[Watchman]

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