Uncertainty for bank staff as Lloyds cuts thousands

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LLOYDS Banking Group – which has a significant presence in the island – has announced 15,000 job cuts.

Chief executive Antonio Horta-Osorio announced the cuts across middle management as part of strategic review that he expects to lead to £1.5bn of annual cost savings by the end of 2014.

He said: ‘We expect a reduction of 15,000 roles as a result of the simplification programme over the period. ‘Where colleagues may be affected, we will use natural attrition and internal redeployment rather than redundancy where possible.’

When asked if the Isle of Man would be affected by the cuts, a company spokesman said: ‘We don’t know that level of detail.’

In its statement the Lloyds Banking Group said it would ‘streamline our international presence, from 30 countries to less than half that number, by 2014’.

However, a spokesman told the Manx Independent that would not include the Isle of Man.

The group includes Lloyds TSB, Scottish Widows (the trading name of CMI Insurance Company) and HBOS.

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