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LTU Demands Bank Publish Terms & Conditions
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Date: 12th Oct 2009
When the takeover of HBOS by Lloyds TSB was announced we made our position on terms and conditions very clear. The Union's job was to protect the long term interests of staff by ensuring that they were not hurt in the rush to squeeze the maximum out of the takeover.
LTU and the Group recently began negotiations on a new set of terms and conditions,covering reward, employment policies, pensions and performance management, for all staff in the Lloyds Banking Group. The proposed new terms and conditions we have seen are so completely unacceptable that no independent Trade Union, worthy of that title, could ever accept them. LTU will not accept terms that are so fundamentally detrimental to the long-term interest of our members and their families.
Moreover, we will not be complicit in an agreement which could undermine the viability of the takeover. One of the main reasons why many takeovers fail, and most of them do, is because the integration of the two organisations is mismanaged, with one part feeling they that it has lost out in terms of appointments or benefits. That soon leads to resentment which becomes corrosive and destabilising. We don't want this to happen but that will be the resultif the proposed new terms and conditions are implemented.
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