Lloyds is going to cut over 400 more employees and close down their Black Horse Personal Finance business. Persons who have existing loans with Black Horse will not be affected, say company spokespeople. Black Horse’s Motor Finance department will remain in operation.
The announced cuts bring the number of jobs lost a Lloyds to well over 22,000 in the last two years. Union officials are aghast at the idea of Lloyds letting go yet more employees. They compared the number of jobs cut by the group as nearly equal to the number of people in attendance at a Premier League match.
Lloyds, which is co-owned by taxpayers, says the decision to shut down its personal loan arm in February 2011 comes after a strategic business review. They promise to work with the affected employees and help them through this difficult time. The union is calling on Antonio Horta-Osorio, Lloyds newly appointed chief executive, to concentrate on job security as an important element of his takeover next year.