Lloyds closes all 164 branches of Cheltenham & Gloucester

1,660 jobs will be lost when 164 branches of 160 year old bank Cheltenham & Gloucester disappear from our high streets in November.

In a statement, Lloyds Banking Group state that:

“The Group is closing its network of 164 C&G branches in November as C&G focuses on building its significant mortgage and savings direct and intermediary businesses. These changes will result in the loss of 833 full time jobs which will affect up to 928 full time and part time colleagues.”

“C&G is writing to its customers to explain the changes. C&G customers who wish to use a branch can, as now, manage their C&G mortgage and savings accounts at any of the more than 1,800 Lloyds TSB branches. For the overwhelming majority of C&G branches, there is an existing Lloyds TSB branch within 400 metres. Customers can also manage their accounts and open new mortgage and savings accounts over the phone and by post. There will be no change to the terms and conditions of existing C&G savings and mortgage accounts.”

The move has sparked outrage among employment unions as the move sees the number of job cuts made by Lloyds since January rise to 4,000. There is fury that a bank bailed out by the taxpayer, which currently own around 45% of the bank, has failed to use this bail out to avoid further job losses.

Derek Simpson, joint general secretary of workers’ union Unite, said:

“News that Lloyds is to close hundreds of Cheltenham & Gloucester bank branches, resulting in hundreds of job cuts is nothing short of disgraceful. 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. UK taxpayers have not poured billions of pounds into this organisation just to see it sack thousands of hard-working people.”

“Front line staff in banks across the country are blameless for the mistakes of management which have brought the important finance industry to the point of collapse. Yet these workers now face an uncertain future as Lloyds abandons C&G’s high street branches. This is truly a dark day for the financial services sector in this country.”