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| Version 1 | Version 2 |
|---|---|
| Lloyds to 'review' closure of C&G | Lloyds to 'review' closure of C&G |
| (10 minutes later) | |
| Lloyds Banking Group is to review its decision to close its Cheltenham & Gloucester (C&G) subsidiary. | Lloyds Banking Group is to review its decision to close its Cheltenham & Gloucester (C&G) subsidiary. |
| The firm had announced in June that all 164 C&G branches across the UK would close with the loss of 833 jobs, but that decision may now be reversed. | The firm had announced in June that all 164 C&G branches across the UK would close with the loss of 833 jobs, but that decision may now be reversed. |
| A Lloyds spokeswoman said that in the meantime, the branches would not close in November as planned. | A Lloyds spokeswoman said that in the meantime, the branches would not close in November as planned. |
| The Unite union said it welcomed the announcement, but was angry at the "poor management" at Lloyds. | The Unite union said it welcomed the announcement, but was angry at the "poor management" at Lloyds. |
| All affected colleagues have been briefed by their line manager today Lloyds | |
| "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," said the union's national officer Rob MacGregor. | "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," said the union's national officer Rob MacGregor. |
| However, he added that "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". | However, he added that "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". |
| Unite said it was now calling for an urgent meeting with Lloyds "in order to get clarification as to the format and timescales of the review". | Unite said it was now calling for an urgent meeting with Lloyds "in order to get clarification as to the format and timescales of the review". |
| Staff briefings | |
| Lloyds said in a brief statement that "customers will continue to use the C&G network as usual". | Lloyds said in a brief statement that "customers will continue to use the C&G network as usual". |
| "All affected colleagues have been briefed by their line manager today," it added. | "All affected colleagues have been briefed by their line manager today," it added. |
| Since October of last year, the government has a 43% stake in Lloyds, which bought C&G in 1997. | |
| Its June announcement that it would close the C&G network came amid an overall of Lloyds' loan and mortgage arms. | |
| 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. | |
| Lloyds' decision to review the closure of C&G comes as Spanish bank Santander continues to rebrand its three main UK businesses - Abbey, Alliance & Leicester and Bradford & Bingley - in its name. | Lloyds' decision to review the closure of C&G comes as Spanish bank Santander continues to rebrand its three main UK businesses - Abbey, Alliance & Leicester and Bradford & Bingley - in its name. |