State-backed Lloyds Banking Group is facing possible industrial action after proposed changes to its pension scheme were condemned by unions.
Under the plans, 35,000 members of the final salary scheme - around a third of the workforce - would no longer receive any annual pension rises.
Lloyds, which was rescued by the taxpayer after swallowing up Halifax Bank of Scotland during the financial crisis, swung out of the red earlier this year with half-year profits of £2.1 billion.
Unite said it was a “kick in the teeth” for staff who had helped the bank, 33% taxpayer-owned, return to profitability this year, as it lines up a shares bonus worth more than £2 million for chief executive Antonio Horta-Osorio.
Accord, another union, said it planned to hold an emergency meeting tomorrow where it would consider balloting members for industrial action including possible strikes, should the bank press ahead with the proposals.
Lloyds group has more than 30 million customers in the UK, through Lloyds Bank, Halifax, Bank of Scotland, TSB, Scottish Widows, and other brands.