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HBOS to shed 650 staff in rejig

By THIS IS MONEY
Updated: 11:39 EDT, 16 July 2008

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Up to 650 jobs are to go at HBOS, the Halifax and Bank of Scotland group, after it announced today that it is to shift all its business banking division away from retail banking to its corporate banking division.

Cuts: Staff will go in the shake-up

The move will see another 350 people shift jobs in the bank over the next 18 months.

Trade union Unite immediately told the bank, which is in the final stages of a massive fund raising, it would oppose any compulsory redundancies. It said it was pleased that a number of people had been offered alternative jobs.

Ged Nichols of the Accord union said: 'We are always unhappy at any planned reduction in roles at HBOS, even when we understand what the business believes to be the commercial need for change.'

The losses follow thousands of job cuts in the City and financial services industry with analysts forecasting 20,000 will go.

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