Big Changes For Lloyds Banking Group
Lloyds Banking Group has announced major changes to its operations this week, which will see further job losses within the organisation, the closure of branches and the loss of two well known brands for mortgages and homeowner loans.
The bank, which has been part nationalised with a bail out from a Government loan, announced this week that all branches of the Cheltenham and Gloucester would close by the end of November this year, with the prospect of an additional 1,500 job losses on top of the 3,000 redundancies which have been made since January this year.
Although the branches will be closing, Cheltenham & Gloucester loan products will still be available through other branches of the bank as well as through intermediaries and loan brokers. However, Intelligent Finance and the Bank of Scotland will no longer be offering loans through brokers, although Bank of Scotland will still retain branches on the high street.
Existing loan customers will be unaffected by these changes. Lloyds brands which will be available through loan brokers and advisers will now include; Scottish widows, Birmingham Midshires, the Halifax and Cheltenham & Gloucester.
The Lloyds Banking Group also intends to make changes to its personal loan business, by streamlining the operation and relocating it to London, with the loss of a further 265 jobs. Meanwhile, the Black Horse Personal Finance business will increase its personal loan operation, with the possibility of new jobs being created during the course of next year.
In total, the group expects to lose around 1,660 jobs from its operation and is working closely with staff and Unions. Helen Weir of the Lloyds Banking Group said “It is always difficult to make decisions about our business that affects our colleagues. We will work through these changes carefully and sensitively and continue to consult closely with our Unions throughout the process.”
