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Friday 21st of August 2009
August 19, 2009

Lloyds to ‘review’ shutdown of Cheltenham & Gloucester


by Kay Murchie
”Lloyds

It has been announced that banking giant Lloyds Banking Group is reviewing its decision to close down its Cheltenham & Gloucester (C&G) subsidiary.

In June, the mega-bank said it was closing all of its 160 UK C&G branches with the loss of hundreds of jobs but the decision may now be reversed.

The u-turn has been welcomed by the Unite union but the bank was criticised for “poor management”.

The union’s national officer, Rob MacGregor, said “Unite is satisfied that the Lloyds Banking Group has finally acknowledged that the decision to close the Cheltenham and Gloucester branch network was ill-considered.”

However, “today’s announcement comes with no warning and will make the workforce wonder whether their bosses have any long-term strategy for the future of the bank,” added Mr MacGregor.

In a brief statement, Lloyds said “customers will continue to use the C&G network as usual…all affected colleagues have been briefed by their line manager today.”

The news will no doubt be welcomed by staff as the banking giant has axed thousands of jobs following its hasty merger with HBOS last autumn.

The bank, which is 43% owned by the taxpayer, was reported earlier this month to be looking to raise between £10 - £15 billion by selling new shares.

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