Job fears cast shadow as Lloyds/HBOS deal on brink

In a letter to shareholders today, Lloyds TSB Group chairman Sir Victor Blank says the deal would “create the UK’s leading financial services group” and could save it in excess of £1.5bn by the end of 2011. However, speculation the merger would lead to job losses has not been quelled by either Lloyds TSB or HBOS, and Britain’s biggest union, Unite, called on bosses to do everything in their power to avoid compulsory redundancies. As part of its cost saving plans, Blank adds it intends to combine manufacturing in life and pensions, which raises questions about the future of Lloyds-owned ...