LloydsTSB & Halifax workers facing job cuts?

Lloyds TSB believes it can save more money than originally expected following the take over of rivals HBOS. They now expect to save approximately £1.5bn by the end of 2011 prompting fear that they may be planning job cuts once the deal goes through.

Banking experts have suggested that job cuts are inevitable with bosses choosing to make the most of any possible savings and without closures banks may find themselves with two or three branches in the same vicinity.

There are currently 140,000 people employed by the two banks in the UK and Darwen itself has both Lloyds TSB and Halifax (HBOS) branches. It is worried that upto 40,000 people could lose their jobs if the takeover goes ahead.

After the Government dismissed competition concerns raised by the Office of Fair Trading it is now up to shareholders to approve the takeover. It has been revealed that the company would be called "Lloyds Banking Group" following the proposed merger.

What are your thoughts on the merger?