Posted: Wed Jun 10, 2009 10:03 pm Post subject: Lloyds shuts C & G branches with loss of 1600 jobs.
Britain's high streets were dealt another blow on Tuesday after Lloyds Banking Group revealed plans to close all 164 Cheltenham & Gloucester branches, depriving the country of another familiar financial brand.
Bankers expect Lloyds to shut many more branches under its three-year integration plan. It has yet to merge Lloyds TSB branches with Halifax and Bank of Scotland. Analysts reckon between 25,000 and 30,000 jobs from the combined group's workforce of 140,000 are at risk.
Under plans unveiled yesterday, 928 jobs will be lost in closing C&G's branches. Another 265 will go as the personal loans team is moved to a single site in London, and 140 will be cut as the Black Horse Personal Finance centres are cut by a third and CarSelect moves from Cardiff to Birmingham. Changes to the intermediary mortgage businesses will cut 159 jobs, and back office changes 168.
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