The trade union Unite has warned the finance industry to stop shedding jobs as it will lead to a long-term crisis in the banking sector.
The country’s biggest union is concerned that workers in banks and insurance companies face ongoing uncertainty about their futures as firms continue to threaten job cuts this year. So far almost 20,000 jobs have been cut in the first four months of 2009.
About 4,500 people in the UK have lost their jobs at RBS since the start of the year, while another 2,000 people lost their jobs at Merrill Lynch: Barclays, Lloyds Banking Group and Aviva have also shed jobs.
Rob MacGregor, Unite national officer, said the finance industry must protect its workforce to stand a chance of surviing the current financial crisis. He said: “Unite is infuriated that banks and insurance companies are failing to recognise the damage that will be done to their businesses if they continue to simply slash thousands of staff each month.”
He added: “Confidence in the sector can only be regained through the efforts of the vital staff in branches, processing and call centres up and down the country. Without these highly trained and experienced people there is no chance that the UK will be able to re-build its reputation for a world class industry.