Lloyds reversal on Cheltenham and Gloucester closure

A while back corporate bank Lloyds caused a wave of outrage announcing that the entire Cheltenham & Gloucester sub section of the Lloyds chain was to close in its entirety as part of a fresh wave of job cuts.

The main reason stated is that Lloyds said it was focusing its business model away from customer base services and instead making investments to opting and building on its first time buyer mortgage lending and savings direct and intermediary businesses.

However it was announced that Lloyds Banking Group may have been rash in its previous decision, and had now reversed its decision to close the Cheltenham and Gloucester branches, saving the 900 jobs that were on the cutting block.

The Unite union which is 43-per cent owned by the UK taxpayer, was happy that Lloyds had abandoned the plans, and expressing a sigh of “relief” to the 900 staff who had to deal with the anxiety and stress over the potential layoffs.However they went on to state this its unacceptable for Lloyds to flipflop of such decisions that could effect the lives of almost 1000 people.

Lloyds said in a brief statement: “Lloyds Banking Group announces it is reviewing the planned closure of the Cheltenham & Gloucester branch network. “Customers will continue to use the C&G network as usual. All affected colleagues have been briefed by their line manager today.”