Lloyds to shed 15,000 more jobs

worried_jim

Lloyds Banking Group to shed 15,000 more jobs

http://www.bbc.co.uk/news/business-13971159

The move comes as part of as part of a strategic review that targets £1.5bn in annual savings by 2014 and marks a withdrawal from international banking.

The High Street lender has already announced 27,500 job losses since its merger with HBOS in 2009.

StevieJ

It is sad that the financial markets often appear to celebrate job losses

Generali

StevieJ wrote: »

It is sad that the financial markets often appear to celebrate job losses

Markets are amoral. As a rule, higher future profits => higher share price. Generally you'll see a bigger mark up from increased sales than cost cutting. I don't think anyone says, "Yippee, less workers" that buys shares. They'd rather see companies thriving as they make more money that way.

Really2

Won't make the strike look very good today.
Strike over pensions when the next news article will be 15,000 jobs will be cut in the private sector (well partly state owned private sector).

1984ReturnsForReal_2

Really2 wrote: »

Won't make the strike look very good today.
Strike over pensions when the next news article will be 15,000 jobs will be cut in the private sector (well partly state owned private sector).

What is the cull rate on the public sector over the last year?

Batchy

word is the banks will never recover from this... so, they are downsizing. Preparing for the future.

The country needs investment and the banks cant help, the government cant help, we need to get into bed with india, and china and brazil, otherwise its game over.

Really2

1984ReturnsForReal wrote: »

What is the cull rate on the public sector over the last year?

What compared to the private sector?

What has been the cull rate in the private sector since 2007?

If the private sector shrinks the public sector has to reflect that, even more so since budget deficit was higher than tax receipts before it all kicked off.

The private sector can't be protected for from the effects the crash has had on our economy. It can't be so inflated in the future either.

1984ReturnsForReal_2

Really2 wrote: »

What compared to the private sector?

What has been the cull rate in the private sector since 2007?

If the private sector shrinks the public sector has to reflect that, even more so since budget deficit was higher than tax receipts before it all kicked off.

The private sector can't be protected for from the effects the crash has had on our economy. It can't be so inflated in the future either.

No, what is the cull rate in the public sector?

I think when comparing the public & private sector it may well be a good idea to make myself familiar with the facts.

Being a privately employed or self-employed person all my life I have learned the ability to think for myself & arm myself with information before judging what is right or wrong for others.

I am also of the opinion that a contract & terms of employment are to be honoured, which is a vital piece of operating procedure for any private business.

I am also dead against retrospective taxation & penalties which is of course all a bit Big Brother to me. Whether in the private or public sector. Its simply wrong.

Really2

1984ReturnsForReal wrote: »

No, what is the cull rate in the public sector?

I think when comparing the public & private sector it may well be a good idea to make myself familiar with the facts.

Being a privately employed or self-employed person all my life I have learned the ability to think for myself & arm myself with information before judging what is right or wrong for others.

I am also of the opinion that a contract & terms of employment are to be honoured, which is a vital piece of operating procedure for any private business.

I am also dead against retrospective taxation & penalties which is of course all a bit Big Brother to me. Whether in the private or public sector. Its simply wrong.

Sorry mate, I got the wrong end of the stick.:o

It is hard to call, TBH I don't think any figures have been released.

edinburgher

I don't see why strikers in the public sector look any worse for announcements of job cuts in the private sector?

If anything, it supports their cause - massive cuts to the Lloyds workforce are being enacted to improve profitability, but what the investors forget is that every job cut is a family who will struggle in the current recession (for family, imagine what you like).

Seems a shame that Lloyds (and the government/unions in the case of today's strike) can't reach compromises that better protect the rights of their employees, while still reducing some costs/ensuring better profitability.

No, what is the cull rate in the public sector?

The Guardian quotes 132,000 posts last year.

1984ReturnsForReal_2

Really2 wrote: »

Sorry mate, I got the wrong end of the stick.:o

It is hard to call, TBH I don't think any figures have been released.

Public sector cull is still going on. Private sector has ended/dormant.

Obviously with the exception of retailers going bankrupt & lloyds.

The rate is probably about the same.

This affordability argument is a bit of a red herring by the Condems keeping in mind they are thinking about gifting the British public all of Llloyds shares.