Lloyds Banking Group puts 640 techies and backroom bods on chopping block Lloyds Banking Group is to chop 640 jobs in IT and back office functions as it forges ahead with plans to reduce its branch network's real estate. Workers impacted by the planned redundancies are understood to be based in locations across the UK in London, Bristol, Manchester and Edinburgh. A PR man at the company confirmed …
next IT news story about LLoyds......a total cockup of services due to lack of IT personnel and using IT "services" in India?
Why just Lloyds? The whole financial services sector want to do this:
http://www.ft.com/cms/s/0/0950b37e-27fb-11e6-8ba3-cdd781d02d89.html
So let's see what the directors of these businesses want?
1) London banking bonuses (need to pay for world class talent, donchaknow)
2) Access to London, US (and briefly EU) markets
3) A nice, long established brand
4) Access to the English courts for litigation to fight the bank's corner
5) Access to London law firms to fight any legitimate claims against the banks
6) A market where your customers are well paid Europeans
7) A base where you can openly dodge all the employment protection, payroll taxes, pension commitments, etc etc by outsourcing all your "bread winner" jobs to third world locations.
Its enough to make you join the communist party and buy a subscription to Socialist Shirker. Well, almost.
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"A PR man at the company confirmed the cuts across the Retail and Group operations but told us some 115 new roles are being created on those areas at the same time."
What a completely crass thing to say. To even think that 115 roles will be created will have an overall impact on the 9000 jobs losses is taking the budweiser.
...including a few more sites for good measure. [Copley being a rather large data centre just a few minutes away from Halifax town centre.]
"Rob MacGregor, Unite’s national officer, said 640 staff will lose their jobs under Wednesday’s announcement.
Unite said the cuts will affect staff in the following areas: Group IT sites in Halifax, Copley, London, Edinburgh, Bristol, and Manchester, with additional impacts in Pudsey, Leeds, Banbury and Birmingham"
Source: http://www.halifaxcourier.co.uk/news/calderdale/job-losses-at-lloyds-sites-in-halifax-and-copley-1-7988411#ixzz4D2v5XYgM
1. Staff loyalty. That has become a thing of the past. Lloyds and its ilk have shown that employees are disposable. These may be the bad times but economies are cyclical and come better times the companies may rue the day when they treated their people badly.
2. Customer Loyalty. I have been a Lloyds account holder since 1973. When I did much of my work abroad in the 90s I found that ATM coverage was patchy and I ended up with three current accounts in different banks. I can pick and choose and if Lloyds servoice goes down the pan for any reason I can and shall walk away.
Cutting costs pleases shareholders and managers with options. Maintaining and improving service pleases customers. When these conflict, cutting costs can be a very short term strategy. Which I suppose is the very definition of British management style.
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Well, from the perspective of the other side of the fence, Lloyds (having had their arm pretty much twisted by Gordon Brown..) took over and saved HBOS jobs. If they hadn't, HBOS would have gone down the toilet.
Then, for the first year following the rescue, ex-HBOS employees enjoyed stellar bonuses while ex-Lloyds employees got paltry amounts. It was rather difficult explaining to Lloyds staff why they were getting bonuses of 3-figures (Lloyds bonuses were never more than 6% even in the good days) due to the collapsed revenues/share price as a result of the "merger" while their their newly rescued colleagues in the same team were receiving 4-5 figures (10-20% apparently the norm at HBOS before the collapse, and inexplicably after).
Granted, in the following years it became pretty bad all over the place and I'm left with the same summary as yours.
Lets name names shall we ...
Antonio Horta Osario - CEO and The Lead Carpet Bagger
Morteza Mahjour - Head of IT and Second Carpet Bagger
These "here today, gone tomorrow" executives have one idea, cut costs at any costs.
So they have removed most of the low level grades kicking the ladder away for apprentices and graduates leaving Lloyds Bank with no pipeline for IT specialists This means that Lloyds security and infrastructure are in the hands of third parties. The IT board at Lloyds are now essentially "sleeping partners" and have given up ownership. In many case they are neither schooled or qualified in matters IT.
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