Impact of Lloyds takeover unclear for Irish workers

It is as yet unclear whether the £12.2bn (€15.5bn) takeover of HBOS bank by Lloyds TSb in the UK has implications for Irish workers.

HBOS is the parent company of Bank of Scotland (Ireland) and Halifax retail banking. It employs around 2,000 people in Ireland.

Analysts have estimated that as many as 40,000 jobs could be lost from the banks' combined 145,000 staff. HBOS has 75,000 staff and the remainder work at Lloyds TSB.

Lloyds TSB’s boss Eric Daniels declined to give details on the number of jobs that could be lost as a result of the merger.

Of the 40,000 figure estimated by analysts, he said: “Undoubtedly there will be some job losses. But I don’t recognise that, it seems on the high side.”