Massive job cuts at Lloyds TSB if merger goes a head

At least 9,000 jobs are set to be lost across the country if
Lloyds TSB’s takeover bid for Abbey National is successful.

Lloyds TSB pledged to keep the Abbey National brand and its 722
branches open for two years if the takeover, which was announced yesterday,
goes ahead.

But it then intends to co-locate the 600 branches within a
quarter of a mile of each other, with the loss of 9,000 jobs – 10 per cent of
the workforce.

A spokesman for the company said that compulsory
redundancies would be kept to a minimum and that the job losses would be over
four years.

By Ben Willmott

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