C&G branch network to close

Grovelawn Financial News 09/06/2009

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1,500 jobs will be lost

The Cheltenham & Gloucester Building Society is to be the latest casualty of the merger of Lloyds and HBOS. Lloyds has cut a total of 3,000 positions since April and the closure of all 164 C&G branches will bring the total loss of jobs to closer to 4,500.

The Lloyds Banking Group has a number of brands under its control including Halifax, Scottish Widows, Intelligent Finance and Bank of Scotland. It currently has three buy to let brands, Cheltenham & Gloucester, BM Solutions and Bank of Scotland. Some borrowers will have their accounts transferred across to Halifax, Bank of Scotland or Lloyds TSB, there will be no change in their original terms and conditions.

Lloyds are expected to make a statement shortly that will formally announce the job cuts once all the staff have been fully briefed. The union Unite have already expressed their anger at the proposed closure, Derek Simpson, the union’s leader said “News that Lloyds is to close Cheltenham & Gloucester branches, resulting in hundreds of job cuts is nothing short of disgraceful”.

Lloyds have announced that they will need to continue cutting more jobs and branch network and over time will also phase out its pension and investment brand Clerical Medical.

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