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Lloyds to close C & G

Banking group Lloyds is to close all Cheltenham & Gloucester branches as part of a new wave of cuts which will see the loss of more than 1,000 jobs, it was revealed today.

Industry sources said around 1,400 posts could be cut when the bank makes a formal announcement about its 164 C&G branches later today.

Lloyds has cut almost 3,000 jobs since mid-April after its merger earlier this year with Halifax Bank of Scotland, leading to anger from unions.

Officials have complained about “death by a thousand cuts” and have urged the bank to “come clean” about the scale of the restructuring programme.

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

Previously a building society, it is one of the largest mortgage lenders in the UK, having been in operation since 1850. In 1997, C&G agreed to a takeover approach from Lloyds Bank.

Lloyds is also expected to announce job cuts in other parts of its business later today.

This was posted in Bdaily's Members' News section by Ruth Mitchell .