All C&G Branches To Shut

Just a few days after Spanish bank Santander announced they were scrapping the Abbey, Bradford & Bingley and Alliance & Leicester brands, and thus probably ridding our high street of those old banks, today we learn that Lloyds is to kill off Cheltenham & Gloucester as a high street brand too.

Following Lloyds’ takeover of the failing HBOS group, there has been much speculation about where costs would be cut, along with the gradual news of closures and job losses. With today’s announcement that all 164 C&G branches will close from 6th November, 833 full-time jobs will be lost. The C&G brand will remain, still dealing in mortgages, savings and investments, and customers will be able to service their accounts in branches of Lloyds TSB.

The C&G brand will remain very active in the mortgage and savings markets. C&G mortgages and savings accounts will continue to be available and customers who already have an account will notice very few changes. We’re doing this because fewer customers choose to visit our branches these days. More people like to manage their finances over the phone or by post.

Nice spin. In other words, Lloyds brought a turkey and they’re looking to slash their overheads wherever they can.

There’s more information on the closures on the C&G website, including a Q&A.

It’s another sad day for our high streets, with the disappearance of these banks adding to the toll together with failing retailers.

One sad trend I’ve noticed in our town is the appearance of bars and more recently bookmakers in the grand buildings that the big old banks used to occupy. Some might say that there’s not much difference with giving your money to a bookie or a banker, but I think it’s an unfortunate demonstration of the way our society is going.

One thought on “All C&G Branches To Shut

  1. This is a sad time for the banking industry. It’s hard to know what to do with your own finances as well. I know someone who withdrew their money from Northern Rock and put it in C&G as the safer option. Just shows how undpredictable the industry is.

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