signing off for 4 weeks . good luck to all on the market

Going on hols with your profits from lloy i expect.,. will keep mta warm for you till you get back:))

-anker signing off wonder what his next guise will be perhaps a hole.

LOL::

Still waiting for the 85p Target to be broken hahahahahahahahahahha

doesnt the graph just say it all?? have they learnt? nope. will they change? nope. will it happen again? yep.

Oh and just remember how many bonus payments were made for producing such a graph if I worked to that standard I quite rightly would have my a--se in a sling.

Lloyds to cut 570 more jobs and outsource up to 600Antio Horta-Osio angers unions with plans that will increase total job losses since HBOS rescue to 27,000


Share78 Comments (19) Jill Treanor guardian.co.uk, Thursday 17 March 2011 14.27 GMT Article history
Antio Horta-Osio, Lloyds' new chief executive, has unveiled plans to move 450 back-office roles to outsourcing specialist iPSL. Photograph: Dominic Lipinski/PA

Antio Horta-Osio, the new chief executive of Lloyds Banking Group, has angered unions by announcing plans to cut 570 jobs and outsource up to 600 roles.

The announcement pushes the tally of job cuts since Lloyds rescued HBOS at the height of the banking crisis close to 27,000 as the management cuts staff to reduce costs and try to bolster profits.

The bailed-out bank said the job cuts were a direct result of the integration of Lloyds and HBOS. Jobs in the wholesale, retail, insurance, group operations and human resources divisions will be lost.

Unions said that up to 600 jobs were to be outsourced. Lloyds announced 450 of those positions when it said roles inside its cheque and credit processing division would move to iPSL, a joint venture set up a decade ago by Unisys, Barclays and Lloyds TSB. HSBC is also a part-owner. The outsourcing specialist already handles such tasks for the bank and it is understood that another 110 people are likely to be transferred to other outsourcing companies shortly.

The bank, which is in the middle of a major strategic review ordered by Horta-Osio, insisted compulsory redundancies would be a "last resort".

Even so, Unite's national officer David Fleming, said the news would be met with "despair" by staff. "Just two weeks ago this taxpayer-supported organisation announced profits of 2.2bn. Yet this decision represents a total failure by Lloyds to recognise that this turnaround is the outcome of the work of their staff," he said.

"Unite strongly opposes any attempt by Lloyds to make compulsory redundancies and is demanding that the organisation ends this practice of drip-feeding job-loss announcements, while increasing the number of agency staff being taken on."

Horta-Osio has already begun to make his mark at the bank, after having taken the helm at the start of the month. Helen Weir, head of the retail bank, is leaving, as is Archie Kane, who ran the insurance business.
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horta is a complete loser .

horta is a complete loser . will our accounts be safe to outside firms having how details . i think not more fraud on way best close our accounts and move to barcs

the chairman said daniels had done a good job what a bloody joke he should step down , nutter

Doesn't four weeks just fly by, Tanker!

even in the sun you can trade today have bought 28000 barc

Banks, stockmarkets, insurance , all thrive on self congatulations. After all if they relied on their share holders to make the decision, who should have pay rises and bonuses, there would be some very poor execs out there. I reckon Santander will implode in the next year or so??

Santander 3.7% for 2 years. Though no additions or withdrawals during the term.

just bought 1000 a point long bet with IG...heard a whisper today...hmmmm

hope you got a guaranteed stop loss or could prove very expensive, however fortune favours the brave so good luck.

Part of the broker note from Merrill Lynch:
"Barclays remains the top pick
The investment case for the UK banks has converged somewhat. Investors now need to assess which banks have a more credible route back to a >15% return. In this Bankwatch we complement the usual trend analysis with a close look at RoE, as well as trends from the FY10 results. In our view, a >15% RoNAV is easier than the market expects at Barclays; with strong credit quality and little balance sheet restructuring required, we think this offers the most compelling investment case. Whilst the ICB may recommend a more rigid corporate structure, we think the government unlikely to impose subsidiaries structures unilaterally of the G20. If it did, we believe this could be the straw that broke the camels back and banks like HSBC, StanChart and Barclays might look to exit the UK. With Barclays shares falling post a better set of results we reiterate BUY with a 500p PO. On a risk/reward basis, we think Lloyds is the next most compelling: with expectations rebased, the new CEO is unlikely to disappoint at the June strategy day. Equally, with expectations lowered at HSBC, its shares look very attractive if management can give more comfort on costs at the May investor day.

Lloyds Banking Group chief executive Antio Horta-Osio has reassembled his original executive team from Santander UK with the appointment of the Spanish lender's head of British retail banking. Alison Brittain is set to join Mr Horta-Osio's, her former boss at Santander, after being hired to replace Helen Weir, who left the lender earlier this month, as head of retail banking. Ms Brittain's appointment marks the reunification of Mr Horta-Osio's four longest-serving colleagues from Santander UK, which was formed out of the acquisitions of Abbey National, Alliance & Leicester and Bradford & Bingley, the Telegraph reports.

this is bad news for customers and holders . he is a loser big time and a muppet

holders need to get rid of this muppet he is very poor and useless .send him back to spain quick. no wonder pension funds are crap the fund managers are useless and any one putting money in a pension must be fools