This week’s business round up

30,000 jobs
to be lost?

City
commentators are forecasting up to 30,000 job cuts and more than 700 branch
closures if a £20bn Lloyds TSB bid for Abbey National is successful in
preventing a union with the Bank of Scotland. Lloyds TSB advisers are reported
to have approached Abbey about a possible deal that could save as much as £600m
a year, but eradicate 30,000 jobs. Lloyds TSB refused to comment.

 

Web firm axes 45 staff

Up to 45
staff will lose their jobs with e-business solutions company Nettec by the end
of the year. According to the firm, regrettable deferrals, delays and
cancellations on a small number of projects, together with a downturn in
Internet advertising business, meant jobs had to be cut.

 

Execs cause concern

Two senior
executives walked out of the Dutch-owned former Barings Bank last week. The
hasty departure of chairman and chief executive officer of ING Barings David
Robins and deputy chief executive Malcolm Le May, has the company’s 2,000
traders, analysts and investment bankers concerned. ING has yet to confirm how
many jobs will go in the City when it announces the outcome of its strategic
review early next year.

 

CEOs go in board coup

Up to 8,000
jobs could be cut in the steel industry after a boardroom coup at Corus,
formerly British Steel, which forced two of its chief executives to leave last
week. The company, which merged with the Dutch steel group Hoogovens last year,
is now expected to close one of its main plants. These potential cuts follow
the loss of 5,000 jobs announced last summer.

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