Lloyds Banking Group BDMs all have to reapply for jobs
The news comes after 570 jobs were cut across the group last week. Staff morale is thought to be low at the lender as this is the fourth time in seven years some LBG sales staff have been forced to fight for their jobs. Just last week the lender announced Cheltenham & Gloucester was pulling out of the intermediary mortgage market.
Under the existing LBG sales structure the group has three sales teams, Halifax, BM Solutions and C&G, with the latter also looking after Scottish Widows.
Under the new sales structure LBG will have just two teams. Halifax, which will also look after Scottish Widows, and BM Solutions.
But that means BDMs across all three teams will be applying for the roles in the two teams, with a similar process put in place for national account managers.
BDMs were forced to reapply for their own jobs first after the closure of HBOS’s TMB brand in 2004, then after the rescue of HBOS by Lloyds TSB in 2008 and again a year later, when Bank of Scotland and Intelligent Finance stopped accepting intermediary mortgage business.
LBG said the job cuts and its decision to stop selling C&G mortgages via brokers were part of ongoing integration of LBG brands following Lloyds’ takeover of HBOS.
Since then the bank, which is still 41% owned by the British taxpayer, has shed a total of 26,770 jobs.
In March it posted a return to profit of £2.2bn in 2010 after a £6.3bn loss in 2009.
A spokeswoman for Lloyds Banking Group said: “We’ll be working closely with all sales colleagues throughout this process.”