Alliance & Leicester & Abbey workers fear job cuts

Hundred of workers at Alliance & Leicester and Abbey are now in fear of job cuts following the £1.3billion takeover deal with Spanish banking giant Santander. The buyout deal with A&L looks all set to go through, but mass job cuts are inevitable.

Santander plan to merge Alliance & Leicester with Abbey, who they bought back in 2004. Santander has said that this new deal would result in £180million-a-year savings by combining back office work.

David Bennett, A&L’s chief executive has not done much to comfort worried workers, he has said “I can’t say to you today that there won’t be job losses but this deal is not predicated on job losses.”

The Mirror has said that the new takeover deal is expected to hit A&L workers most; the bank currently employs 8,000 staff. Union leaders have committed on this new deal saying that the deal was a grave threat to jobs; they also added that they will fight any redundancies.

I do understand that the union will do all they can to save these jobs, but they have to realize these are bad times for the economy and job loses are to be expected. The deal with Santander was vital for A&L, if the deal did not go ahead, then there could have been many more job loses on the cards.

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