Unite warns finance industry that slashing staff will lead to deeper crisis

Unite warns finance industry that slashing staff will lead to deeper crisis

Unite warns finance industry that slashing staff will lead to deeper crisis

In the first four months of 2009 Unite has seen almost 20,000 job losses in the industry. Unite, the UK’s largest union which represents staff in the finance industry, has today (Monday 4th May) warned firms that slashing their staff will lead to a deeper crisis in the industry.

The workers in banks and insurance companies across the country continue to face uncertainty about their futures, as each week thousands lose their jobs.

Unite is telling the financial services industry that unless they maintain their greatest asset their loyal workforce, they will be seriously diminishing their capacity to recover from the downturn.

Rob MacGregor, Unite National Officer said: “Unite is infuriated that banks and insurance companies are failing to recognise the damage that will be done to their businesses if they continue to simply slash thousands of staff each month. Nearly 20,000 job losses in the last four months represents a significant loss in the sector.

“The financial services industry must ensure that it protects its workforce in order to stand a chance of emerging from the current crisis, workers are their greatest asset. Confidence in the sector can only be regained through the efforts of the vital staff in branches, processing and call centres up and down the country. Without these highly trained and experienced people there is no chance that the UK will be able to re-build its reputation for a world class industry.

“The union wants to see companies in the financial industry consider the long-term implications of their short term cost saving plans. The herd mentality which has now griped the sector in the race to cut staff will simply damage the UK economy.”

Unite represents the staff across the industry who work in processing centres, bank branches, insurance offices and processing centres, they are not the highly paid executives and traders that caused the economic meltdown.

Ends

For more information contact: Saba Mozakka, Unite press office on: 020 7420 8916 or 07768 693 953.

Notes to Editors –

Unite has lost some 19964 jobs between January and April 2009.

Most recent announcements January – April 2009:

Company No. of Redundancies
Bank of Ireland 600
Barclays 1200
Darlington BS 19
Merrill Lynch 1900
Bank of Ireland 435
Newcastle BS 150
Aegon UK 100
Egg UK 99
Ulster Bank 750
Capita 250
Nationwide BS 45
Kent Reliance 10
RAC 100
Helphire 130
Abbey/Santander 50
Standard Life 173
Legal and General 450
Allen & Overy 225
Central Trust 180
Ventura 100
Capital One 100
GE Capital 100
HSBC 1200
Legal and General 600
Cooperative Insurance 35
Endsleigh Insurance 45
HSBC 2900
RBOS 4500
Aviva 1100
RSA 1200
Lloyds Banking Group 985
Lloyds Banking Group 233

Total 19964

Unite for Jobs
On 16th May 2009, Unite will hold a march through Birmingham. This will be the centrepiece of the ‘Unite for Jobs’ campaign. The March for Jobs will spotlight the need for urgent assistance to defend jobs.

To see what the Unite for Jobs demands are or for information on the march visit: http://action.unitetheunion.com/