Lloyds Cuts Anger Union
The United union has criticized Lloyds Banking Group after it announced another 370 job cut in wealth and international, group operations and group executive operations. The bank wants to cut 15000 jobs in 2010.
According to the union, it is said that it had also been told that Capita had confirmed plans to cut 390 jobs in Bristol.
National Express Cuts
National Express, the debt-laden bus and train operator, is to shed about 200 jobs after a restructuring at its head office in Birmingham. An official said that these changes will result in a reduction in the overall head count, but the exact numbers are yet to be finalized and are subject to consultation with our employees.
800 Lloyds Banking Group Staff Facing the Axe
There was more bad news for Lloyds Banking Group staff, as it announced 800 jobs would go in Aylesbury. For investors, however, the positive momentum continued as a strong response to its debt conversion program raised hopes that the pricing of its £13.5bn rights issue will be at the upper end of hopes. Shares in the bank rose 3.33p to 91.48p, amid forecasts that its share issue will be priced at the steeply disounted level of 30p to 35p per share. This comes as little comfort for staff after the bank said there would be a swathe of administrator and call centre job losses at its pensions and insurance arm in the Buckinghamshire town. Some 570 jobs will go after the decision to transfer work elsewhere and a further 240 will be lost as Equitable Life has decided not to renew a ten-year administration contract with Lloyds.
Lloyds said that most of the losses were included as part of the 5000 job losses it announced earlier this month. Union Accord said that the Lloyds announcement was a ‘body-blow for the workforce’.
Meanwhile, Lloyds raised the maximum £8.5bn in ‘contingent capital’ as holders of its debt swapped into lower ranking securities that could eventually be converted into equity.
This suggests the mammoth rights issue will also see a strong take-up.
Air France to Cut Jobs After Loses Deepen
Air France-KLM, Europe’s largest airline by revenue, said that it would cut 1700 jobs next year after posting a net loss for the second quarter that was bigger than expected.
The carrier is to propose a voluntary redundancy program at Air France, which has 59000 workers. The company said that a steep fall in cargo operations and business-class traffic in the global recession had led to a net loss of €147 million for the three months to September 30, compared with a €27 million profit in the same period last year.
Pierre-Henri Gourgeon, chief executive, promised more cost cuts in addition to the €700 million already budgeted, as well as more cuts in passenger and cargo capacity.
Aviva Reveals Plan to Shed 1700 Job
UK’s biggest life insurer—Aviva, revealed today it planned to cut 1690 jobs in the UK as a three-year programme to simplify its UK life and pensions operation.
Aviva announced in a statement that it would cut off a total of 1100 permanent positions by the end of 2009. Meanwhile, about 800 workers at its UK-based Norwich Union business will be affected, with the remaining reductions to be achieved by leaving vacancies unfilled.
The company said taht it would also shed 590 contract positions over the next few months. Aviva also said that its sites at York and Norwich in England would be most seriously affected by the latest round of cuts, cutting down an estimated 349 and 226 permanent jobs respectively.
Nokia Sheds Jobs
Nokia, one of the biggest mobile phones manufacturer, is going to cut 1700 jobs worldwide.
700 in this bulk of the job cuts will be in Finland, where the handset maker is based. However, according to a spokesman, a significant number of the 3200 staff the company employs in the UK are likely to be affected.
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