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.
The part-nationalised bank Lloyds Banking Group announced on 13 October 2010 that it is to cut 4,500 jobs as it reorganises its technology operations as part of its integration of the bank HBOS, which it took over in early 2009. The company has said that 1,600 permanent jobs will go in Britain and that it will continue to reduce the use of temporary and contractor staff, which will affect another 1,150 people in Britain and 1,750 overseas. Of the 1,600 permanent roles being cut, some 200 will be relocated to offshore centres.
The cuts will be made in its IT and operations by 2012. It is reported that the company is now on course to have cut 20,000 posts as part of its ongoing three-year plan to integrate HBOS with its existing Lloyds operations.
The bank, which is 41 percent owned by the UK government after it was bailed out with taxpayer cash, is aiming to complete the integration of mortgage lender HBOS by the end of 2011.
Lloyds has said that compulsory redundancies will be the last resort and has said it hopes to rely on natural turnover to reduce the number of posts and will redeploy people where possible.
Eurofound (2010), Lloyds Banking Group, Merger/Acquisition in World, factsheet number 71089, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71089.