|
|
|
 |
PRESS RELEASE: LTU Demands Answers At Extraordinary General Meeting On HBOS Takeover
|
Date: 19th Nov 2008
The independent trade union representing over 40,000 Lloyds TSB Staff is, on 19th November, lobbying Shareholders attending Lloyds TSB's Extraordinary General Meeting in Glasgow, demanding commitments from the Bank's Board that would remove the prospect of large-scale compulsory redundancies.
Lloyds TSB Group Union (LTU) is insisting that the Bank should come clean on exactly how many job losses will result from its plans to slash £1.5 billion cost savings a year by the end of 2011, should its planned takeover of HBOS be supported by both Banks' shareholders. Analysts predict anything between 15,000 and 40,000 job losses.
The Union is also pressing the Bank to commence discussions on a series of measures to remove the likelihood of large-scale compulsory redundancies and, in particular, to agree to:
1. Drop plans to reduce its Severance Terms at the end of this year - thereby encouraging volunteers for redundancy.
2. Abandon its policy of Offshoring jobs to India and return to the UK for existing staff the thousands of jobs already there.
3. Work closely with the Union to develop plans that would minimise the prospect of compulsory redundancies.
At the EGM, the Lloyds TSB Board will be asked by LTU two searching questions on its job security plans.
Union Comments
Commenting on the Extraordinary General Meeting and Lloyds TSB's plans to Takeover HBOS, Steve Tatlow, Assistant General Secretary at Lloyds TSB Group Union, has said:
"Britain’s haemorrhaging jobs. Lloyds TSB Board must break its silence and explain to the 145,000 staff affected by this takeover how it intends to handle the tens of thousands of inevitable job losses."
"One simple measure to help avoid compulsory redundancies would be to abandon the Bank's 'Jobs To India' policy, returning to the UK the thousands of well-paid jobs that have been offshored already."
About Lloyds TSB Group Union (LTU)
Lloyds TSB Group Union (LTU) - with over 40,000 members - represents the majority of staff working in the Lloyds TSB Group and will, assuming the HBOS Takeover goes ahead as planned, continue to be easily the largest independent trade union representing staff in the new 'Super-Bank'.
Within the merged Bank, Accord would be the second largest union with just over 30,000 staff and Unite the third, representing only approximately 8,000 staff across the two Banks.
For More Information
For more information, you can download a copy of LTU's Shareholders Briefing at www.ltu.co.uk/newsletters/17.
Steve Tatlow
Assistant General Secretary
Lloyds TSB Group Union
 |
|
|
|
