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.
Lloyds Banking Group has announced that is to cut about 4,500 jobs globally and 2,750 in the UK. The job losses are located in the companies IT operations and are to be lost as part of the integration of the IT operations of Lloyds TSB and HBOS. The bank has said that it will make less use of contractors and agency employees to recuce the impact on permanent staff, and that compulsory redundancy would be a last resort. Accord and Unite represent staff in the organisation and have described the job cuts as "devastating". 200 of the 1600 permanent job losses result from transfer of jobs to offshore centres.
Eurofound (2010), Lloyds TSB, Internal restructuring in United Kingdom, factsheet number 71101, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71101.