UK: Lloyds bank to cut 3,000 jobs and close 200 branches after Brexit
23 replies, posted
[IMG]https://metrouk2.files.wordpress.com/2016/07/ad_214145111.jpg?w=748&h=498&crop=1[/IMG]
[QUOTE]Lloyds has accelerated its job-cutting scheme, axing a further 3,000 roles, even as it reported a 101% increase in pre-tax profits. It has also doubled its planned branch closures, with 200 more set to vanish from High Streets by the end of 2017. The bank attributed the cuts to changes in people's banking habits, and the effects of interest rates remaining low in the wake of Brexit. Underlying profits at Lloyds Banking Group fell by 5%, and chief executive Antonio Horta-Osorio warned that he expects a "deceleration of growth" following the UK's decision to leave the EU. The Group said the increased cost-cutting was as a result of the change in how people do their banking, and due to the chances of interest-rates staying low in the wake of Brexit.[/QUOTE]
Sources:
[url=http://www.bbc.co.uk/news/business-36911896]BBC NEWS[/url]
[url=http://www.telegraph.co.uk/business/2016/07/28/ftse-100-stock-markets-shares-dow-jones-lloyds-bank-shell-city]The Telegraph UK[/url]
[url=http://metro.co.uk/2016/07/28/lloyds-bank-to-cut-3000-jobs-and-close-200-banks-after-brexit-6033810/]Metro UK[/url]
What a huge fucking surprise.
Yes Brexit! We took our country back! The future is bright
[url=http://www.bbc.com/news/business-36889828]Banks might start charging businesses to hold their money[/url]
And so the economic recession every expert predicted will begin.
It will serve as nothing but a warning to other EU countries of the consequences of leaving. And they haven't even left yet.
God bless the Brits - because they're gonna need divine intervention.
[QUOTE=BlackMageMari;50788852]And so the economic recession every expert predicted will begin.
It will serve as nothing but a warning to other EU countries of the consequences of leaving. And they haven't even left yet.
God bless the Brits - because they're gonna need divine intervention.[/QUOTE]
Thanks for the support
-_-
fuck this country
[QUOTE=Jelman;50788858]Thanks for the support
-_-
fuck this country[/QUOTE]
You can always come over here! We're in the EU and we have tea as well! And we love our football! Literally perfect!!!
I can't see the warnings getting through to the general public when you've got tabloids headlining shit like this:
[t]https://pbs.twimg.com/media/CoZq3O9XEAIEZA2.jpg:large[/t]
[QUOTE=article]The Group said the increased cost-cutting was as a result of the change in how people do their banking, and due to the chances of interest-rates staying low in the wake of Brexit[/QUOTE]
Seems more of a long time coming than anything else. Profits are up and interest rates have been low for as long as I can remember.
[QUOTE=BlackMageMari;50788864]You can always come over here! We're in the EU and we have tea as well! And we love our football! Literally perfect!!![/QUOTE]
English moving to Ireland to escape economic hardship. The irony is magnificent!
[editline]28th July 2016[/editline]
[QUOTE=Thomo_UK;50788899]Seems more of a long time coming than anything else. Profits are up and interest rates have been low for as long as I can remember.[/QUOTE]
The US was considering putting up the interest rate again something which suggests economic recovery. We should be in a position to do similar but Brexit spooking investors means we need to instead drop interest rates to force investment.
If interest rates are already dropped we also have less room to manoeuvre during the next recession which ain't good.
[QUOTE=BlackMageMari;50788864]You can always come over here! We're in the EU and we have tea as well! And we love our football! Literally perfect!!![/QUOTE]
I can actually get an Irish passport through my two extremely Protestant and unionist Northern Irish grandparents who moved to England in their twenties
[editline]28th July 2016[/editline]
[QUOTE=mdeceiver79;50788902]The US was considering putting up the interest rate again something which suggests economic recovery. We should be in a position to do similar but Brexit spooking investors means we need to instead drop interest rates to force investment.
If interest rates are already dropped we also have less room to manoeuvre during the next recession which ain't good.[/QUOTE]
We've already reached the liquidity trap, no point reducing interest rates lower. I would recommend further rounds of QE and reducing regulations on bank lending but at this point there is a limit to what we can do
[QUOTE=FlashMarsh;50788946]I can actually get an Irish passport through my two extremely Protestant and unionist Northern Irish grandparents who moved to England in their twenties[/QUOTE]
Any interest in getting one? I'm curious actually, would you have one just for the novelty of it?
[url]https://mobile.twitter.com/AskLloydsBank/status/758585789144006656[/url]
Lloyds seems to be telling people a different story on their twitter. Make of it what you will
[QUOTE=BlackMageMari;50788974]Any interest in getting one? I'm curious actually, would you have one just for the novelty of it?[/QUOTE]
My mum is applying for herself and me and my sister to get it. I personally think that some deal will be negotiated where it won't matter, but better safe than sorry.
The Group said the increased cost-cutting was as a result of the change in how people do their banking, and due to the [I][B]chances[/B][/I] of interest-rates staying low in the wake of Brexit.
I thought that the current interest rates had been this low for the last 9 years?
Isn't this just honestly more about maximising profits over satisfying a few customers who can't use online banking though?
#Brexit bias
[QUOTE=Ferrous;50789000][URL]https://mobile.twitter.com/AskLloydsBank/status/758585789144006656[/URL]
Lloyds seems to be telling people a different story on their twitter. Make of it what you will[/QUOTE]
it already says in the article that the reasoning behind this cut is due to technological advances that makes a lot of jobs redundant. cause why would you have humans do most the work if they're gonna ask for a living wage, standards, and etc. you already have computers and shit to do their job more efficiently without complaining
though brexit certainly didn't help
first world countries need to seriously start investing in education otherwise the continuing transition into service world is gonna hurt
it didn't take much for farmers to transition into assembling basic shit or counting cash with calculators. but it'll take a lot more for people in their 30's to transition into accountants, programmers, and etc. cause that actually takes a long time to learn and certify.
[QUOTE=Ferrous;50789000][url]https://mobile.twitter.com/AskLloydsBank/status/758585789144006656[/url]
Lloyds seems to be telling people a different story on their twitter. Make of it what you will[/QUOTE]
It's been happening slowly and is going to continue for a little while, they're just accelerating the plans to close some branches due to more people than expected using online, brexit etc. It's not one factor in this, but multiple.
I haven't been into my bank branch in over 5 years, I can just do everything online.
[QUOTE=lolwutdude;50789046]it already says in the article that the reasoning behind this cut is due to technological advances that makes a lot of jobs redundant. cause why would you have humans do most the work if they're gonna ask for a living wage, standards, and etc. you already have computers and shit to do their job more efficiently without complaining
though brexit certainly didn't help
first world countries need to seriously start investing in education otherwise the continuing transition into service world is gonna hurt
it didn't take much for farmers to transition into assembling basic shit or counting cash with calculators. but it'll take a lot more for people in their 30's to transition into accountants, programmers, and etc. cause that actually takes a long time to learn and certify.[/QUOTE]
Only problem is that I am somewhat skeptical if it is possible for everyone in society to actually reach the education level required for our new economy. Someone with 80 - 85 IQ could easily transition from being a grunt on a farm to being a grunt in a factory. There are always going to be a fair number of people with 80 - 85 IQ, especially given the relatively high heritability of IQ/. However, now, do I really think that everyone can become educated enough to become employed in these industries? I hope I'm wrong, but I forsee a growing underclass who need to be supported by the proceeds of the rest of society as a result of the changing structure of our economy.
[editline]28th July 2016[/editline]
[QUOTE=icemaz;50789064]It's been happening slowly and is going to continue for a little while, they're just accelerating the plans to close some branches due to more people than expected using online, brexit etc. It's not one factor in this, but multiple.
I haven't been into my bank branch in over 5 years, I can just do everything online.[/QUOTE]
I went to the bank once when I set up my account a few years ago and have never been back since
[QUOTE=icemaz;50789064]It's been happening slowly and is going to continue for a little while, they're just accelerating the plans to close some branches due to more people than expected using online, brexit etc. It's not one factor in this, but multiple.
I haven't been into my bank branch in over 5 years, I can just do everything online.[/QUOTE]
Paying a cheque in online is tricky, but yeah online banking is great now.
I recently used my credit card abroad to draw from ATM's and paid it off immediately with my banks app.
As my card only has daily interest and no withdrawal fees, I incurred no charges at all.
The decision to close these branches has been on their agenda for some time now. The decision was made even before the Brexit.
[QUOTE=FlashMarsh;50788946]I can actually get an Irish passport through my two extremely Protestant and unionist Northern Irish grandparents who moved to England in their twenties
[/quote]
[quote]
We've already reached the liquidity trap, no point reducing interest rates lower. I would recommend further rounds of QE and reducing regulations on bank lending but at this point there is a limit to what we can do[/QUOTE]
Tell people their taxes are going to be spent on banks while dropping regulation further and they'll get furious. That said Theresa May is pretty much unopposed currently so if there was ever a time to do it it would be now.
[editline]28th July 2016[/editline]
[QUOTE=karlosfandango;50789029]The Group said the increased cost-cutting was as a result of the change in how people do their banking, and due to the [I][B]chances[/B][/I] of interest-rates staying low in the wake of Brexit.
I thought that the current interest rates had been this low for the last 9 years?
Isn't this just honestly more about maximising profits over satisfying a few customers who can't use online banking though?
#Brexit bias[/QUOTE]
Businesses are all about maximising profits. Sadly that's the way it is
[QUOTE=mdeceiver79;50789121]Tell people their taxes are going to be spent on banks while dropping regulation further and they'll get furious. That said Theresa May is pretty much unopposed currently so if there was ever a time to do it it would be now.
[editline]28th July 2016[/editline]
Businesses are all about maximising profits. Sadly that's the way it is[/QUOTE]
Of course, my point was that this has very little to do with Brexit and more to do with shareholders.
On the discussion about Irish passports, Brexit has caused some weird stuff to happen here in NI, for example there were hundreds of Unionists panicking and applying for Irish passports but a week later they were burning ROI flags on their bonfires for the 12th. :v: It's very hypocritical if you ask me.
[QUOTE=chills2;50789188]On the discussion about Irish passports, Brexit has caused some weird stuff to happen here in NI, for example there were hundreds of Unionists panicking and applying for Irish passports but a week later they were burning ROI flags on their bonfires for the 12th. :v: It's very hypocritical if you ask me.[/QUOTE]
Pretty sure the hardcore unionists are Brexiters (DUP were at least), so probably not the same people by and large
[QUOTE=FlashMarsh;50789201]Pretty sure the hardcore unionists are Brexiters (DUP were at least), so probably not the same people by and large[/QUOTE]
Yes most likely, still such an odd position for many to be in though in my opinion, though NI as a whole voted stay and it still didn't help. :(
After reading the article these job cuts and closures were planned in 2014, amidst the growth of online banking:
[QUOTE]Lloyds is already carrying out 9,000 redundancies and 200 branch closures.
It announced those cost-cutting measures in 2014.[/QUOTE]
So this wasn't because of Brexit, this is the effect of it:
[QUOTE]He added that while the Brexit vote had hit Lloyds, "it remains a strong bank", and the impact of the vote will probably be felt most by shareholders, who may receive less cash this year.[/QUOTE]
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