Lloyds Banking Group will cut around 1,660 jobs after announcing plans to close all 164 branches of the Cheltenham & Gloucester (C&G) bank and overhaul its lending and mortgage divisions.
Around 833 full-time posts will be lost when C&G branches close their doors for the final time in November.
The BBC said another 265 jobs will be axed when Lloyds closes the Chester office of its personal loans division and relocates the operation to London.
A further 159 posts will be eliminated among the bank’s intermediary sales team, as Bank of Scotland and Intelligent Finance will stop writing mortgage business from July 1st.
Bloomberg reports the latest cuts bring the number of jobs cut by the bank since April to 4,200. Lloyds aims to achieve cost reductions of 1.5 billion ($2.4 billion) by 2011.
Unions told the BBC that workers at the bank are suffering “death by a thousands cuts”. They called on the bank to “come clean” about the full extent of its restructuring plans.
Meanwhile, the Lloyds TSB Group Union said it would campaign to force the bank to bring jobs outsourced to India back to the UK.
D.C.