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2nd November 2009 - Accord comment on speculation about the Lloyds Banking Group

In the light of continued press speculation about the possible sale of parts of the Lloyds Banking Group and the comments of the Chancellor of the Exchequer yesterday (Sunday, November 1st) Accord's General Secretary, Ged Nichols, said in a statement to members today: 

"The events of the last year have been really difficult for HBOS staff and the current speculation may add to the sense of insecurity.

That said, if what is being reported by the media is correct then, at the broadest level, more competition on the high street and more employment in the sector must be good for customers and for the economy more generally as the UK (hopefully) starts to move out of the current economic position.

From what we have read and heard, nobody seems to be suggesting an immediate "sell-off" of Lloyds Banking Group assets. If assets are to be sold in due course, Accord will be fully involved in discussions on behalf of the members who might be directly affected.  

We will face into those issues on behalf of members as and when necessary but the prospect of any sale, as worrying as it might be for some, is surely better than the Lloyds Banking Group taking capacity out of the industry in pursuit of its own cost reduction agenda. (What has been happening with the Cheltenham & Gloucester branch network is a good example).

New entrants into the market may also require the skills and expertise of the some of the specialists and other staff who have become "surplus to requirements" since HBOS was taken over.

The next few days look like they will be significant. The Bank is expected to announce the outcome of its negotiations with the Treasury about the Asset Protection Scheme and its plans for raising more capital from shareholders.

At the same time, Accord continues to engage with the Bank about the 2010 business change agenda and the possible integration of terms and conditions of employment for HBOS and Lloyds TSB staff.

These are challenging times but whatever happens, Accord will protect and promote the interests of members and campaign for security of employment, fair reward, decent pensions, equality and dignity at work  in the Lloyds Banking Group and elsewhere if needs be."

Any questions, comments or queries should be directed to: ged.nichols@AccordHQ.org

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