Lloyds TSB continues 'death by a thousand cuts'

News

Lloyds TSB continues 'death by a thousand cuts'

Karl Flinders

Lloyds TSB accused last month by union Unite of embarking on a strategy of "death by a thousand cuts", has announced another 500 job cuts this week. They follow 650 job cuts last month.

IT will be a victim of the latest cuts as the bank closes a processing centre in Kent.

Rob MacGregor, national officer at union Unite, said: "These latest job losses are yet another example of the weekly hammering that the workforce of the bank is having to endure."

"We have already seen over 2,400 job losses announced by the bank since its formation in January. Staff must be told the company's plans for the future of the organisation and not be left with the uncertainty that they could be the next to lose their jobs."

There is no end to job cuts within banking IT departments on the horizon.

Barclays announced another round of IT job cuts last month, in an attempt to "increase operational efficiency".

An internal Barclays e-mail revealed that the bank is planning to cut an extra 350 UK technology jobs.

Keith Brooks, general secretary at Unite, who represents Barclays workers, told Computer Weekly last month that he could not predict when banks will sop cutting jobs. "There is nothing on the horizon to suggest it will stop. All I can see is further hurdles and more job cuts."

Ralph Silva, analyst at Towergroup, said banks are already operating with the minimum number of workers needed.

Nevertheless, up to 7% of IT workers in banks could lose their job this year. "If they have to make cuts, they will close entire businesses," he said.


Email Alerts

Register now to receive ComputerWeekly.com IT-related news, guides and more, delivered to your inbox.
By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy
 

COMMENTS powered by Disqus  //  Commenting policy