Lloyds in four figure job cuts
Banking giant Lloyds is to close its Cheltenham & Gloucester branches as part of a fresh wave of cuts which will see more than 1,000 jobs axed.
Seven branches will close across the West Midlands, affecting at least 50 workers. Industry sources reckon around 1,400 posts could be cut when the bank makes a formal announcement later.
There are 164 C&G branches which will disappear under the plans. Usually-based on high streets, they specialise in mortgages and savings.
Branches set to close include those in Wolverhampton, Walsall, Old Hill, Aldridge, Stourbridge, Cannock and Lichfield.
Lloyds is expected to retain the C&G brand on the internet.
Workers representatives have complained about "death by a thousand cuts" and urged the bank to "come clean" about the scale of the restructuring programme.
The bank is also expected to announce job cuts in other parts of its business, but this morning a spokeswoman would not comment on C&G cuts.
The Unite trade union reckon the closure of C&G branches is a "disgrace", adding that it was "appalled" that staff had heard about the decision in the media.
The union's joint leader Derek Simpson said: "Hundreds of staff who have worked hard for years to make the brand a success will view this news as a kick in the teeth."
In 1997, C&G agreed to a takeover approach from Lloyds Bank. This involved the demutualisation of the building society, and a windfall payment to its members.
