Lloyds job losses direct result of HBOS takeover
November 10, 2009 2:33 PM
Commenting on the announcement that Lloyds Banking Group is to cut 5,000 jobs by the end of next year, Liberal Democrat Shadow Chancellor, Vince Cable said:
"This announcement is a direct result of Lloyds taking over the poisoned chalice that is HBOS.
"The takeover was a political decision to avoid total nationalisation and people are now paying for it with their jobs.
"If we are to have a stable and competitive private banking market, Lloyds Banking Group will have to be broken into several parts when it is eventually re-privatised.
"It is a terrible irony that many of these job losses are because operations merged in the first place."
