Hundreds 'face axe' at finance firm

12 April 2012

The owner of finance firm Cheltenham & Gloucester is preparing to axe hundreds of jobs, trade union leaders have claimed.

C&G, which is owned by Lloyds TSB, is set to close 31 branches and further closures could follow, according to union officials.

The Lloyds TSB Group Union said an expected announcement would affect 15% of the total branch network of C&G and the biggest job losses would be among group and branch managers.

Steve Tatlow, assistant general secretary of the union, said he feared it would be the first wave of cuts as bosses at the firm look to cut costs.

John Bancroft, of the Unite union, said the closure of so many branches would be "excessive".

He added: "We will oppose any compulsory job losses and will continue to challenge the business rationale for this decision.

"We believe local branches are the financial lifeblood of the company."

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