| Scottish ministers concern over Lloyds |
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| Written by Gary Howes |
| Wednesday, 20 May 2009 11:49 |
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UK Economic News: Scotland's Finance Secretary John Swinney today expressed disappointment at proposed redundancies at Lloyds Banking Group. ___________ Lloyds Banking Group (LON:LLOY) has announced that it is to shed 625 jobs across the UK; the restructuring will see some 300 redundancies in Scotland. The announcement was met with disappointment on the part of the Scottish Government. Finance Secretary John Swinney has today expressed his concern and announced in a statement that the First Minister, Alex Salmond, had been in talks with Lloyds Group Executive Director Archie Kane over the matter Swinney says the government was given assurances that Lloyds Banking would work hard to avoid compulsory job losses. Swinney said: "Lloyds Banking Group has agreed to meet with the Finance Sector Jobs Taskforce which is a move to be welcomed. We continue to have real concern about centralisation of activities within the new banking group, which will flow from this announcement. "This is contrasted with the Lloyds Banking Group's recent announcement to retain the Scottish Widows brand and to concentrate pension and investment activity in Scotland which indicates the underlying strength of Scotland's reputation in financial services. "This will be a worrying time for employees. The Scottish Government stands ready to provide support. Through Skills Development Scotland we will coordinate local response teams under the Partnership Action for Continuing Employment (PACE) initiative, to provide tailored help and support." 
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