News

Unite has written to the Government established UKFI to demand answers as Lloyds Banking Group (LBG) and Royal Bank of Scotland (RBS) cut 1,300 and 464 jobs respectively.David Fleming, Unite national officer said: “The announcement of 1,764 job cuts in these taxpayer supported institutions today is truly brutal. How can there be any justification for the Government not intervening as these much needed jobs are lost from our struggling economy? To learn that 300 jobs are being transferred to a low wage economy adds insult to injury.



“Once more these banks are attacking some of their lowest paid staff to achieve cost savings. Today is yet another devastating day for bank workers as they witness these institutions pressing ahead with massive job cuts, without any consideration as to the consequences for these individuals, their families and the economy as a whole.



“Only last week we saw massive bonuses being announced for the top bankers in these companies, yet now they have the audacity to claim efficiency savings are essential. Instead of taking away a worker’s livelihood these banks should focus on adjusting and correcting the mind-blowing bonuses at the top of the organisation.”



RBS, which is 82% taxpayer funded, has today announced that it is cutting 464 staff from within Private Banking Direct. This will mean:

- the closure of the Bristol site, with 117 people impacted,

- Farnborough closing - 100 staff,

- Wimbledon – 34 staff and

- Private Banking Officer roles, which earn as little as £14,000 per annum being removed from Leeds, London and Edinburgh – 89, 108 and 16 roles respectively.



LBG, which is 41% state supported, has today told their workforce 1,300 jobs will be cut. This will mean:

- 300 jobs are being sent abroad from IT,

- 100 further IT jobs are cut,

- 300 facilities management staff are being outsourced to an external supplier within the UK,

- Group operations will lose 20 roles,

- 500 learning roles are being cut,

- Group pensions will see 20 roles cut,

- Commercial – 250 jobs to go,

- 30 roles to be made redundant in insurance, and

- In wholesale banking and markets 40 roles will be cut.



Since the start of the financial crisis these banks have already cut thousands of staff. LBG has cut some 28,600 workers and RBS around 26,000.