Lloyds Bank job cuts

Zola.

http://bbc.co.uk/news/business-29798532

9000 job cuts and 150 branches to close also.
Anyone concerned ?

I don't bank with them but I know many here do.

Thought it was worth a share.

Steve_xx

Zola. wrote: »

http://bbc.co.uk/news/business-29798532

9000 job cuts and 150 branches to close also.
Anyone concerned ?

I don't bank with them but I know many here do.

Thought it was worth a share.

No, not concerned at all. It's quite simply a sign of the times with internet banking becoming ever more prolific.

In any case, TSB, which was split from Lloyds not that long ago, is opening more branches, so some offsetting has happened.

Sounds to me as if the government is preparing to offload it's holding.

colsten

We should probably more worried if they didn't close some branches and if they didn't deploy new/additional technologies.

The people losing their jobs will get good separation packages and either retire or find jobs elsewhere.

PeacefulWaters

10% of the workforce over three years = achievable by normal staff turnover in most locations. More remote branches may be an issue though.

They have reduced staff numbers by a third in the last six years through a mix of merger savings and Credit Crunch.

System

With BOS, the branches are already rather sparse so I'd be surprised if many of these are on the cutting list.

They also service refugees from Halifax and Lloyds so have extra footfall.

MABLE

You just do not need all their contact centres or branches anymore when you can carry out most of the functions online.

PeacefulWaters

Heng_Leng wrote: »

With BOS, the branches are already rather sparse so I'd be surprised if many of these are on the cutting list.

They also service refugees from Halifax and Lloyds so have extra footfall.

They may decide that the Halifax brand has more pulling power than BoS in some locations.

Closing a small BoS branch and opening a new fangled Halifax branch nearby would, in some places, be exactly the right thing to do.

System

In Scotland, BOS is a more upmarket brand than Halifax.

Coupled with that, the new Scottish branches of Halifax I've seen don't seem too busy.

PeacefulWaters wrote: »

They may decide that the Halifax brand has more pulling power than BoS in some locations.

Closing a small BoS branch and opening a new fangled Halifax branch nearby would, in some places, be exactly the right thing to do.

PeacefulWaters

Heng_Leng wrote: »

Coupled with that, the new Scottish branches of Halifax I've seen don't seem too busy.

They're not meant to be.

They seem to be the model for the low footfall bank branch of the future.

GingerFurball_2

PeacefulWaters wrote: »

They may decide that the Halifax brand has more pulling power than BoS in some locations.

Closing a small BoS branch and opening a new fangled Halifax branch nearby would, in some places, be exactly the right thing to do.

Nope. This would be a terrible strategy.

worried_jim

No one has been told they are losing their job today- it was very calm in the office and a bit of an anti climax.

Hopefully it will be mostly made up of natural attrition, although there are a few people who have been here 20 years plus who would do very nicely out of any redundancy packages.

I have ten years in so I would be okay but I really enjoy working there and would be quite happy to stay for as long as I need to. Got made redundant 2004 and really don't want to have to go through it again, especially at 40.