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Lloyds TSB announces new name and job cuts

HBOS facing job cuts after merger with Lloyds TSB

Lloyds TSB Branch

Lloyds Banking Group will be the umbrella name of Britain’s biggest bank if the HBOS and Lloyds TSB merger goes ahead.

The identity, revealed in the Lloyds circular to shareholders, signals the likely end of Halifax Bank of Scotland, which has existed in its current form since 2001 when Halifax and Bank of Scotland agreed a £28 billion merger.

Redundancy fears for Lloyds HBOS staff 

Union leaders today urged merger partners Lloyds TSB and HBOS not to leave employees in the dark over job losses, after planned cost savings from the deal were upped by 50%.

Britain’s biggest trade union Unite called on Lloyds to “end the speculation” on job security as fears mount that thousands of roles will be axed from the combined superbank.

Lloyds TSB and HBOS to make major cuts

Lloyds said it now hoped to cut more than £1.5 billion – an extra £500 million on original estimates – from the combined cost base after its takeover of HBOS.

Both banks today insisted the tie-up remained on track, despite speculation of potential rival bids from mystery suitors waiting in the wings.

Which Money Editor Martyn Hocking said: ‘We need clarity as to what these cost savings will mean for customers. The bank needs to explain whether the merger will result in the loss of high street branches as well as staff as soon as possible.’

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