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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
985 jobs Number of planned job losses
Announcement Date
23 April 2009
Employment effect (start)
Foreseen end date
Description
Banking group Lloyds TSB has announced that it is to cut 985 full and part time positions. The redundancies related to the merger between the Lloyds motor finance division trading under its black horse brand, and HBOS's asset and motor finance division. The company hopes to avoid compulsory redundancies and is instead seeking to use natural turnover and redeployment wherever possible. Unite stated that the job losses end months of speculation amongst staff about the long term security of their jobs. No details are available about the numbers employed in the two divisions or the date by which the cuts will be made.
Eurofound (2009), Lloyds, Internal restructuring in United Kingdom, factsheet number 68776, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68776.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
