The Issue

Over the summer of 2009 the Bank announced over 10,500 job losses, mainly in non-branch locations, and announcements of job losses were expected to continue well into 2010. Members will recall that at the time the Lloyds TSB / HBOS merger was announced some analysts were predicting that the total number of job losses in the combined Bank would be between 20,000 – 40,000 over three years.

LTU’s aim throughout this period of uncertainty is to ensure that all possible steps are taken to avoid the need to make any member of staff compulsorily redundant. That is why LTU has launched its own Voluntary Severance Register (VSR). The register will help us identify those staff are not affected by redundancies directly but who would nevertheless be interested in leaving the Bank on the agreed Voluntary Severance/Early Retirement Terms.

'Bumping'

A process, which is called ‘bumping’, could enable a member of staff whose position is redundant, but who wants to stay in the Bank, to be transferred to another position enabling the holder of that position, who wants to leave, to become redundant.

For each reorganisation, LTU is advised of the number of staff seeking redeployment and once we know that figure we can then use our VSR to identify ‘bumping’ matches.

Members should note that this is a preference form only and does not guarantee that members who register will be identified for severance, nor does it guarantee that you will receive severance if a match is identified. That said, the Bank would need to come up with very good reasons why a particular ‘bumping’ match shouldn’t take place before it made redundant someone who wanted to stay.

Registration

To join LTU’s Voluntary Severance Register you need to complete a registration form so we have all the details we need to try to match you with any possible redundant staff. Register.

Registration will be carried out encrypted on a secure server and the information you provide will be available only to a small number of senior LTU officials who are involved directly in dealing with job security appeals and voluntary severance. LTU will provide details of ‘bumping’ matches to the Bank, but only after obtaining written permission from the members concerned.

Your data will be stored securely within LTU.