Unite comment on uncertainty in financial services industry

29 April 2008

Graham Goddard Unite Deputy General Secretary said: "The announcement by HBOS that they are to raise £4bn through share sales symbolises the tight market that the financial services industry is operating within. In a climate of continuous speculation about job losses in the sector Unite the union is calling on the financial services industry to recognise the value of their employees and be transparent in their practices towards the workforce. With over 1.1 million people employed in the sector it is vital that companies do not take short-term decisions at the expense of their loyal workforce.

"There is no doubt that the challenges caused by the credit crunch have very serious implications for employees who face daily speculation as to their future. The union believes that urgent attention must be given by the government and business to address the vulnerability felt by those who are employed in the sector, in order to safeguard the future of the industry which contributes around 7% to the UK’s national output.

"Unite members in the financial services are not those earning six figure salaries in the city, rather many are support workers earning under £15,000 per year. There must now be recognition of the insecurity felt within the industry by those who are battling through daily speculation and panic. In this period of financial and economic uncertainty Unite will not stand by and allow workers to become the sacrificial lambs."