Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
UK Retail Bank Lloyds TSB is shedding about 150 posts as it moves more work to India. The bank is outsourcing administration roles to the firm Xansa, based at Noida in the state of Uttar Pradesh. Union leaders have condemned the move, but Lloyds TSB says all those affected will be guaranteed the offer of another job at Lloyds TSB. Bristol will lose 83 jobs, Cardiff 21, and 20 each are going at Mold, Flintshire, and Telford. The changes will be made over the next 12 months. Lloyds TSB hopes the decision will improve the technology used in administration and allow a better support service for staff. The Lloyds TSB Group Union (LTU) claims staff will receive an inferior service on key issues. It argues that Lloyds TSB is showing the same contempt to its staff as it is already inflicting upon customers, through placing cost-cutting ahead of any service quality considerations. However, Lloyds TSB HR states that the company will be talking to all staff individually over the next few weeks to discuss how this decision affects them and what their preferences are for the future.
Eurofound (2006), Lloyds, Offshoring/Delocalisation in United Kingdom, factsheet number 63541, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63541.
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