|
|
|
 |
PRESS RELEASE: Lloyds TSB Takeover Of HBOS - Union Response
|
Date: 18th Sep 2008
The independent trade union representing the majority of Lloyds TSB Staff - Lloyds TSB Group Union - is giving its qualified support to Lloyds TSB's decision to takeover HBOS.
The Union's position is that the creation of a British banking giant - owned and based in the UK - is no bad thing, given that consolidation in the banking sector is already happening across Europe. The alternative could well be UK banks continuing to be picked off by overseas competitors, as happened when both Abbey and Alliance and Leicester were taken over by Banco Santander of Spain.
However, for the Lloyds TSB Board to achieve its goal of cutting annual costs across the merged organisation by £1 billion by 2011, there will almost certainly be large scale redundancies as overlaps and duplication of functions in almost every area of the two Banks are removed.
Union Comments
In commenting on the Takeover, Steve Tatlow, Assistant General Secretary at Lloyds TSB Group Union, has said:
“LTU will be insisting that any job reductions are achieved only following full consultation with the Union and without compulsory redundancies".
About Lloyds TSB Group Union (LTU)
Lloyds TSB Group Union (LTU) is the largest independent trade union representing staff working across the Lloyds TSB Group, with over 40,000 members.
In large parts of the Bank, LTU represents over 90% of all managers and staff.
Only one other trade union, Unite, represents staff within the Bank. However, with less than 3,000 members, it has only a peripheral presence within the Lloyds TSB Group.
For More Information
If you would like more information, you should contact Steve Tatlow on 01234 262868
 |
|
|
|
