09/06/2009

1,660 Jobs Go As Lloyds Closes C&G Branches

Lloyds Banking Group has announced it is closing all of its Cheltenham & Gloucester branches, resulting in more than 1,500 jobs being axed.

The company announced all 164 C&G branches will close in November, making 1,660 people redundant. However, the brand will be kept for mortgages and savings.

Retail executive director Helen Weir said: "We will work through these changes carefully and sensitively and continue to consult closely with our unions throughout the process."

She also said Cheltenham and Gloucester was a "very strong brand".

The Unite trade union said that the closure of Cheltenham and Gloucester branches was a "disgrace".

Joint leader Derek Simpson said: "It will rip the heart out of hundreds of local communities up and down the country as customers will see their valued community bank branch close.

"Hundreds of staff, who have worked hard for years to make the Cheltenham and Gloucester brand a success, will view this news as a kick in the teeth.

"UK taxpayers have not poured billions of pounds into this organisation just to see it sack thousands of hard-working people."

He added: "This is truly a dark day for the financial services sector in this country."

Lloyds has cut almost 3,000 jobs since April, following an earlier merger with Halifax Bank of Scotland.

Cheltenham & Gloucester, a subsidiary of the Lloyds Banking Group, specialises in mortgages and savings products.

It was previously a building society, and one of the largest mortgage lenders in the UK.

(JM/KMcA)

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