Update: Lloyds axes 1,660 jobs in C&G closures

9th Jun 2009 14:44

Lloyds Banking confirmed it is axing a further 1,660 jobs and close the branch network of Cheltenham & Gloucester.The part-nationalised bank will close all 164 of the C&G's branches across the UK in November as part of a deep retrenchment programme following the disastrous acquisition of HBOS. That process has seen nearly 3,000 jobs go already.Lloyds said it will continue to offer C&G mortgages, while existing customers with a C&G mortgage will be able to keep their loans under the brand. "Cheltenham & Gloucester is a very strong brand," said Helen Weir, group executive director of Lloyds' retail business."The strategic focus for C&G from now on will be to further strengthen its intermediary and direct savings businesses," she added.The bank also said it will stop writing new mortgages via brokers from Bank of Scotland and Intelligent Finance from 1 July.Last week Lloyds announced it was cutting around 510 permanent roles across its UK retail business.Yesterday, Lloyds revealed that 87% of shareholders had taken up their entitlement under a £4bn open offer, enabling it to repay early some £2.6bn to the government.