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| Version 1 | Version 2 |
|---|---|
| Lloyds closing all C&G branches | Lloyds closing all C&G branches |
| (about 1 hour later) | |
| Lloyds Banking Group is to close all 164 branches of Cheltenham & Gloucester, risking up to 1,500 jobs. | Lloyds Banking Group is to close all 164 branches of Cheltenham & Gloucester, risking up to 1,500 jobs. |
| But while it will disappear from the High Street, the C&G brand will be kept for mortgages and savings, BBC business editor Robert Peston says. | |
| Lloyds would not comment, saying that its policy was to brief staff first on any changes. | Lloyds would not comment, saying that its policy was to brief staff first on any changes. |
| Almost 3,000 jobs have already been cut since Lloyds' merger with Halifax Bank of Scotland (HBOS). | |
| Bad debts at HBOS mean the group faces an annual loss. | |
| Our business editor said that the announcement was "profoundly bad news" for many employees of Lloyds, saying that the group's financial predicament meant it was "unlikely" that there would not be further significant job cuts. | |
| It's not an insignificant change for the UK High Street. Some of the most famous names in retail banking are disappearing Robert Peston, BBC business editor | |
| Union officials have complained about "death by a thousand cuts", urging the bank to "come clean" about the scale of the restructuring programme. | Union officials have complained about "death by a thousand cuts", urging the bank to "come clean" about the scale of the restructuring programme. |
| A Lloyds spokesman said that C&G was an important brand to the group and "would continue to be so". | A Lloyds spokesman said that C&G was an important brand to the group and "would continue to be so". |
| Mortgage impact | Mortgage impact |
| The closure of C&G branches follows an announcement from Santander last week, that it is to rebrand Abbey, Bradford & Bingley and Alliance & Leicester. | |
| "It's not an insignificant change for the UK High Street. Some of the most famous names in retail banking are disappearing" said our business editor. | "It's not an insignificant change for the UK High Street. Some of the most famous names in retail banking are disappearing" said our business editor. |
| Those with a C&G mortgage will continue to have their home loan under that brand - with new customers still being taken on via mortgage brokers. | Those with a C&G mortgage will continue to have their home loan under that brand - with new customers still being taken on via mortgage brokers. |
| C&G has been a significant player in the UK mortgage market, offering some of the lowest standard variable rates, said BBC personal finance reporter Kevin Peachey. | C&G has been a significant player in the UK mortgage market, offering some of the lowest standard variable rates, said BBC personal finance reporter Kevin Peachey. |
| The most recent data available showed that Lloyds - through C&G - had an 8.4% share of the UK mortgage market by the end of 2007. | |
| Andrew Montlake, of independent mortgage broker Coreco, said the loss of the brand on the High Street was "an inevitable consequence of brutal market conditions". | |
| "For borrowers, this is a real blow to competition and consumer choice," he added. | |
| Are you a Cheltenham and Gloucester employee? Send us your comments and experiences using the form below. | Are you a Cheltenham and Gloucester employee? Send us your comments and experiences using the form below. |
| The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions | The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions |