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Branch closures at Cheltenham & Gloucester

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by Kay Mitchell

Lloyds TSB is rumoured to be closing 31 branches of its Cheltenham & Gloucester business resulting in the loss of 340 jobs. Lloyds is the UK’s 5th largest bank and has 2,000 branches. It acquired Cheltenham & Gloucester in 1995.

Cost cutting measures and the increasing popularity of Internet banking are thought to be responsible for the closures.

The bank also has plans to outsource work carried out by IT staff at its London, Cardiff and Manchester offices. In addition, 100 permanent and 110 contract positions could be relocated overseas. The bank opened a call centre in Mumbai, India in 2004 and was one of the first banks to outsource work overseas.

Research shows that the number of bank and building society branches has declined by nearly 11% in the past 5 years. In 2002, there were 11,640 branches in the UK, but the figure fell to 10,423 by 2007.

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Story link: Branch closures at Cheltenham & Gloucester

News posted: August 10, 2007

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