This is part of what SMT terms ‘The Recovery Plan’: an attempt to use job cuts to improve the College’s finances. Goldsmiths UCU (GUCU) argues this is a bad plan, both in terms of the financial impacts and the injustice of the proposed job cuts themselves. Senior management also claims these cuts are required by the banks due to a deal that was struck with Lloyds Bank and Natwest bank, negotiated by the consultancy firm KPMG, committing to £4million of staff cuts this year followed by £2million next year'.