Lloyds to close all Cheltenham & Gloucester branches

Lloyds to close all Cheltenham & Gloucester branches




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Lloyds Banking Group will make a formal announcement later on today about the decision to close all 160 branches of Cheltenham & Gloucester. 

It has been said that up to 1,500 jobs could be lost in the latest move by the troubled bank. Since April, nearly 3,000 jobs have been cut, mainly due to the merger earlier this year with HBOS.

 

Just yesterday the banking giant raised £4.3 billion from shareholders to repay £2.56 billion of £17 billion owed to the taxpayer.

 

Union officials have condemned the expected job losses, accusing Lloyds of adopting a business strategy of “death by a thousand cuts.”

 

Although Lloyds has refused to comment on the planned closure, it is thought that the Cheltenham & Gloucester brand will be kept for mortgages and savings.

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