Lloyds curbs union power ahead of Rayner's workers' rights overhaul [Yahoo! Finance]
Lloyds Banking Group Plc American Depositary Shares (LYG)
US:NYSE Investor Relations:
lloydsbankinggroup.com/investors
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Source: Yahoo! Finance
The bank is to stop recognising union membership for its higher paid workers and instead offer them internal “people forums” to resolve work disputes. Only 20pc of higher paid staff are in a union, it said. Lloyds insisted it had reached an agreement with its unions Unite and Accord on the decision, saying the two sides were “working collaboratively” on the changes. However, union chiefs contested this depiction. Unite's national officer Caren Evans said: “This is not our decision; it is the bank's.” Accord general secretary Ged Nichols said the agreement “was Hobson's choice”, referring to the term used when choice is considered only an illusion. He said: “The risk was we'd lose the recognition arrangements through all of the workforce [if we didn't sign it].” Mr Nichols said the bank had “hollowed out our traditional base” over the years by cutting areas where union membership was traditionally high, such as bank branches, call centres and other operation areas. It has re
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Sec Filings
- 11/20/24 - Form 424B2
- 11/20/24 - Form 6-K
- 11/20/24 - Form FWP
- LYG's page on the SEC website