315 jobs to go as C&G plans to close 15% of branches

Finance firm C&G, formerly Cheltenham and Gloucester Building Society, is to close 31 of its 195 branches in November, with 315 jobs likely to be affected.

Owned by Lloyds TSB, C&G said telephone and internet banking meant that not enough customers were walking through the doors of those affected branches.

A spokeswoman told Personnel Today: “C&G will also be relocating its mortgage processing systems to Gloucester, which will be managed from a central point. Customer-facing roles, intermediaries, and those dealing with mortgage brokers are likely to be most affected.”

The firm which focuses on providing mortgages, savings and other financial products said it would talk to each person individually to discuss a possible integration into the group.

Jon Pain, managing director at C&G, said: “Closing branches is never a decision that we take lightly but, with more customers taking advantage of technology, the number of customers coming through the doors in these particular branches has fallen. By closing these branches where customer use has dropped, we can invest in the branches that customers do use.”

C&G said those customers affected by branch closures would still be able to use the C&G in a neighbouring town and, from the end of October, they will be able to carry out their transactions at the nearest Lloyds TSB branch.

In March Lloyds TSB said more than 62,000 would benefit from a £252m payout at the bank as part of share schemes and cash awarded under bonus schemes.

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