MercoPress. South Atlantic News Agency

Lloyds Group announced more jobs cuts: 5.000 positions in 2010

Union admits it is “terrible news for employees and their families”

Lloyds Banking Group is to axe thousands of jobs next year in a fresh wave of cuts under plans to reduce costs, sources have said. Up to 5,000 positions are expected to be cut in the UK in 2010, on top of thousands already slashed this year.

Several thousand jobs have been cut this year, leaving Lloyds with around 130,000 employees.

Ged Nichols, general secretary of Accord, the union representing the largest number of former HBOS employees now working in Lloyds, said on Tuesday: “Today's announcement is terrible news for the employees who are affected and their families”.

”We always recognised that some job losses were inevitable as Lloyds TSB integrated HBOS operations, but the scale of changes announced today (Tuesday) will leave many staff in shock”.

“Some of those who are affected will have a long wait before anything definite happens and they may find the uncertainty very difficult to cope with”.

”Accord believes that it is vitally important that LBG works closely with the union to ensure that employees are properly supported through the changes and the process is managed without resorting to compulsory redundancies”.

“Accord will be providing full support to every member affected by today's announcement.”