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Thursday, 30 June 2011

LLoyds Banking Group to cut number of suppliers

Lloyds Banking Group have announced 15,000 job losses by the end of 2014 which is obviously very difficult on those who will have to be made compulsorily redundant. 

However, There is also troubling news for Lloyds' suppliers, since - as part of the plan to take £1.5bn of annual costs out of the bank - it is reducing the number of businesses that provide goods and services to it from 17,000 to less than 10,000.  This is likely to hurt the smaller businesses that supply the bank.

With public sector strikes on today and Greece in trouble,  it looks as if the lending boom and subsequent bust is having a delayed effect which was not originally envisaged!

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