Cardboard Box: Lloyds TSB says goodbye C&G
Lloyds Banking Group has announced the beginning of an inevitable branch closure network: first to go is Cheltenham and Gloucester, a unit that has been a spare part for several years.
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C&G has been little more than a marketing arm for Lloyds TSB mortgages since the bank took over the former building society.
Almost 1000 jobs will be lost by a mix of natural wastage and redundancy and some will move within the group.
The bank, which did not sack its chairman as expected at its AGM last Friday, has said that it intends to begin repaying the UK government some of the support money paid to it as part of the package to aid its takeover of HBOS.
But the bank has also said that it is lining up assets that it will transfer to a bad-bank suggesting that there is some form of money-go-round.
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