C&G to close all branches

10/06/2009

Hundreds of job losses are expected at Cheltenham & Gloucester (C&G), with the bank to close all 164 of its branches.

The firm is likely to continue trading as an internet bank, but many of its 1,500 staff are likely to be made redundant in the downsizing.

C&G is owned by the Lloyds Banking Group - a financial services giant formed in January through the merger of Lloyds TSB and HBOS.
The group is under pressure to cut costs after it was part-nationalised in a £17 billion emergency government bailout at the height of the credit crunch.

Unions blasted the decision yesterday.

Derek Simpson at Unite said: "This move by Lloyds 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 C&G brand a success will view this news as a kick in the teeth."

Tags; Young Family Finances, Job loss, Recent Graduate Debt,

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