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Lloyds TSB – HBOS Takeover
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Date: 18th Sep 2008
The takeover of HBOS raises a number of important issues for Lloyds TSB staff at all levels, not least of all the question of job security. If a takeover goes ahead it would create a British banking giant, which is no bad thing given that consolidation in the banking sector is happening across Europe, that would have over 140,000 employees, 30 million customers, 3,000 branches, many of which are located next to each other, and a market value of some £30bn.
Mark Brown, Assistant General Secretary, said “LTU supported the attempted takeover of Abbey a few years ago and there is every reason now to support the takeover of one British bank by another, rather than by an overseas competitor. However, in order to make the takeover attractive there would almost certainly be large scale redundancies as overlaps and duplication of functions in almost every area of the two banks are removed. The key priority will be to ensure that any staff reductions are achieved via voluntary means.”
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