British bankers grab bailout, sack workers

This video from England says about itself:

10 Oct 08 London demonstration. March from the Bank of England. NO to bailing out bank shareholders and rewarding corporate bandits! YES to bank public ownership, saving homes, communities and good jobs for all!

From British daily News Line:

Tuesday, 4 November 2008

LLOYDS HBOS MASS SACKINGS – as banks go for £17bn more bailout cash

The Unite trade union yesterday urged Lloyds TSB and HBOS ‘to start thinking about the human consequences of this takeover’.

It was responding to a Lloyds statement that its acquisition of HBOS would save a more than expected £1.5bn a year, raising fears of 40,000 job losses.

Both banks have also unveiled further write-downs and revealed plans to raise up to £17bn as part of the government’s banks bail-out.

Lloyds did not put a figure on job cuts, but said there was scope for ‘significant cost savings’ from combining the branches and back offices of the two banks.

Calling on the banks to stop ‘fuelling speculation’, Unite joint general secretary, Derek Simpson, said: ‘None of the staff at these two banks should be forced out.

‘We believe that if this takeover is managed properly, with the full involvement of the union, compulsory redundancies can be avoided.’

He added: ‘This takeover is unique, competition rules have been waived and the taxpayer has been forced to take a stake in these banks.

‘Where the government has the power to protect jobs it must do so.

‘The bank and the government must remember the wider social impact of this takeover and do everything in their power to protect hard-working families, their communities and to encourage confidence in the economy.’

1 thought on “British bankers grab bailout, sack workers

  1. Pingback: British bees die, no money for research | Dear Kitty. Some blog

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