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Lloyds TSB Group Staff Union News

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  • Lloyds TSB Group Staff Union News

    Following their recent concerns over bonus payments
    HBOS, Losses and Bonuses…

    Date: 16th Feb 2009
    The weekend’s media frenzy surrounding the HBOS merger and the payment of bonuses is doing nothing at all to help the current very difficult environment for all the Banks and the Government’s attempts to stabilise the UK financial services sector.

    Specifically for Lloyds TSB staff there is the danger that misleading comment and information will bounce the Government into taking unjustified action to prevent the payment of bonuses.


    Less than one month later............

    10th March 2009
    All Members Newsletter
    Staff Fury On Bonus Restrictions

    Staff reaction to the announcement that the Bank's participation in the Government's Asset Protection Scheme, which has resulted in fundamental and far reaching changes to existing bonus arrangements and the withdrawal of free shares, has been one of absolute anger.
    The Union has received literally thousands of letters and emails and our Advice Team took hundreds of calls yesterday and over the weekend from members disgusted that the name of Lloyds TSB, an organisation many of them are still proud to work for, has been dragged through the mud. Not only have the bonuses of many staff been deferred without any justification, or withdrawn altogether for those working in Corporate Banking, but over the last few months they have had to watch in stunned disbelief as the value of their shares have been wiped out, now worth a fraction of what they were worth before the takeover, and suffer the loss of thousands of pounds in dividend income for the foreseeable future.
    One member, echoing the views of thousands of staff says:
    "Maintain your vehement stance on these matters and ensure active participation from all members. These are unprecedented times & we (frontline staff) are now receiving regular personal derision from friends, customers & public alike in the pub, at the school gate, in the supermarket, in the street etc which is embarrassing and less than desirable to say the least. I am outraged at the commentary published by all media forms & sources, many of whom are uneducated columnist commentators only. The politicians are disgraceful and every night I sit late at night (after the family have gone to bed) watching Newsnight/Panorama/ specials etc on the `Banking crisis` worrying about what tomorrow will bring and watching my family's financial future crumble.
    LTU has thousands of similar emails and letters and we'll publish some of those in our next Newsletter.
    LTU's Call For Interest Free Loans
    LTU has proposed to the Bank that staff whose bonuses are being deferred should have the option of taking interest free loans, equivalent to the value of any deferred bonuses, with the loans being paid back in three equal annual instalments
    in June 2010, June 2011 and June 2012. We accept that such loans would be taxed as a benefit in kind but that should be paid by the Bank and added to the original bonus.
    Obviously the use of interest free loans is only a palliative to the deferral of bonuses and not a long term solution but it helps deal with the immediate financial issue for those members of staff who, based on their performance, expected to receive bonuses this year but who are now being told that they're being deferred and paid out over the next three years.
    LTU Seeks Meeting With UKFI
    LTU is seeking a further meeting with the UKFI to discuss the terms of the Bank's participation in the Government's Asset Protection Scheme and to discuss with them the reaction of our members to the restrictions imposed on bonuses and pay. We will also be seeking clarity on why they sought the withdrawal of free shares when that was not part of our original discussions and why all staff in Corporate Banking have been singled out for special, adverse treatment.
    UKFI needs to understand and so do their political masters that the issue of pay and bonuses for Lloyds TSB staff is not dead and that we will be taking our campaign to MP's directly, particularly those opportunists, like Cable, Cameron and Osborne, who have used the issue of bonuses to attack the Government regardless of the impact on ordinary members of staff.
    Stepping Up Our Campaign
    Later this week LTU will be launching an addition to our website which will give members an even greater role in our campaign to get all bonuses reinstated.
    It will also show which MP's support, and more importantly those who don't support, our campaign for ordinary, innocent members of staff to be treated fairly.
    Ian Partridge
    General Secretary
    Last edited by Tools; 15th March 2009, 23:53:PM.
    Any opinions I give are my own. Any advice I give is without liability. If you are unsure, please seek qualified legal advice.

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  • #2
    Re: Lloyds TSB Group Staff Union News

    Changes to workers shift patterns following recent group structuring.
    Any opinions I give are my own. Any advice I give is without liability. If you are unsure, please seek qualified legal advice.

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    • #3
      Re: Lloyds TSB Group Staff Union News

      Bank Reduces Bonuses Again
      Date: 17th Mar 2009 | Size: 215K
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      • #4
        Re: Lloyds TSB Group Staff Union News

        Bank In Breach Of Job Security Policy
        Date: 24th Mar 2009 | Size: 50K
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        • #5
          Re: Lloyds TSB Group Staff Union News

          Shameless Opportunism
          Date: 27th Mar 2009 | Size: 55K
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          • #6
            Re: Lloyds TSB Group Staff Union News

            Bank Supports LTU's Loans For Bonuses Campaign
            Date: 3rd Apr 2009 | Size: 36K
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            • #7
              Re: Lloyds TSB Group Staff Union News

              Don't Be Fobbed Off
              Date: 9th Apr 2009 | Size: 641K
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              • #8
                Re: Lloyds TSB Group Staff Union News

                Thanks Tools, some further examples in their of how much pressure sales, and no doubt, collections staff are under to meed and exceed targets. Lloyds DCA tactics exposed - Legal Beagles
                I'm away till the 24th August - please contact @Kati if needed

                “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

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                Comment


                • #9
                  Re: Lloyds TSB Group Staff Union News

                  The bonus thing for me is quite important.

                  Will quote this bit but feel free to edit this as you see fit

                  "Bonuses - Angry Reaction From
                  Hard Pressed Staff
                  As we predicted hundreds of staff have sent emails and
                  contacted the Union’s Advice Line to protest at the Bank’s
                  decision to increase the threshold level at which bonuses are
                  paid from 90% to 100%. This decision, which we believe was
                  made in haste, couldn’t come at a worse time for salesforce
                  staff. Even Eric Daniels has said that the economic environment
                  will remain difficult in 2009 with house prices continuing to fall,
                  unemployment rising and consumer spending slowing.
                  In that perfect storm it seems madness for the Bank to
                  increase thresholds and targets when the UK economy is
                  going through such turmoil. It seems that either by design
                  or neglect the Bank is setting up thousands of staff for
                  failure.
                  Members will recall that in our last Newsletter we said
                  that in the interests of transparency and fairness the
                  Bank should provide us with details of the incentive
                  arrangements for the new MD(Managing Director) of the Retail Bank and
                  the MD’s of the Community Banks. The Bank has now
                  said that it is not prepared to provide those incentive
                  arrangements. We can safely assume, therefore, that the
                  new incentive arrangements allow for the MD’s to be paid
                  bonuses for not achieving 100% of target. If that’s the case,
                  and the Bank can disprove our contention by making public the
                  incentive arrangements, then it is the height of hypocrisy for the
                  new MD’s to tell salesforce staff that they can only earn bonuses
                  on achievement of target whilst they receive them for ‘under
                  achievement’ against target"

                  Comment


                  • #10
                    Re: Lloyds TSB Group Staff Union News

                    Please feel free to quote/comment on any interesting parts you find in the newsletters.
                    Any opinions I give are my own. Any advice I give is without liability. If you are unsure, please seek qualified legal advice.

                    IF WE HAVE HELPED YOU PLEASE CONSIDER UPGRADING TO VIP - click here

                    Comment

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