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Lloyds TSB – HBOS The Next Steps
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Date: 26th Sep 2008
Mark Brown, Assistant General Secretary, said “The Union's job in this takeover is simple: it is to protect members and ensure that they are not trodden on in the rush to achieve savings faster than is justifiable. In short, the Bank has to balance a natural desire to squeeze the maximum out of the takeover, if it goes ahead, with a proper recognition of the rights of staff. Without that proper recognition then the Union would be bound to oppose the takeover.”
In its forthcoming discussions with the Bank LTU will be insisting that:
• The key priority will be to ensure that any jobs reductions are achieved via voluntary means and not through compulsory redundancies.
• In order to ensure that job reductions are achieved by voluntary means the Bank should guarantee the continuation of the 1997 voluntary severance/voluntary early retirement terms for a period of 5 years.
• There should be an immediate freeze of all programmes, including the 450 IT jobs, that involve the transferring of yet more jobs to India.
• The Bank should commence plans to return to the UK all those jobs that have already been transferred to India over the last few years.
• The Pension Scheme Trustees should negotiate significant up front pension contributions from the Bank before any takeover is allowed to go ahead.
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