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Frank Hovis

Lloyds Closing All 164 C&g Branches

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Couldn't see a thread on this, merge in if there is.

Local coverage in Gloucestershire:

Lloyds to close all Cheltenham & Gloucester branches

Some of the comments from staff show quite how much they've been sold down the river:

TRIPLE WHAMMY!!!!!

Firstly, my wife, who has been at C&G for nearly twenty years, put most of her bonuses into Lloyds shares, now she is losing her job, and my tax has gone to shore up HBOS.

And now, the press get to hear of it before the staff!!!!!!

Twelve months ago, Lloyds was the sixth most efficient bank IN THE WORLD, but the idiots at the top, who could not see that this lousy Government wanted them to step in, and let them bale out a sinking ship, with billions of reserves.

Now what's left?

Thousands of staff without spending power in the local community, claiming benefits......why? For the greed and quodos of being part of the biggest bank in the country.

Well, it's backfired spectacularly, but those at the top will get big payoffs, index linked pensions, and lucrative jobs with major companies, who really ought to look at their track records in decision making, before letting them sweep the carpark, let alone on the Board.

Sad times for good people.

stoptheworldiwanttogetoff, Glos

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commented on 09-Jun-2009 09:32

I work for C&G head office and we have been waiting weeks for announcements. Finally we're told to expect announcements today. As you can imagine rumours are rife and we were told staff would be briefed before any press conferences. I have woken today and learnt from the news about branch closures. Although at the moment I am not affected, staff of the company should have been told first. The communication is awful. Roll on the press conference at 2pm, I might learn I haven't got a job then!

anon, glos

Enough is enough - I dont even work for LTSB or the C&G but this useless Government continues to preside over utter destruction of industry and commerce in the UK..... with no sign of any leadership.. I am SO angry and call upon for fellow account holders of Lloyds TSB to withdraw all your money and place it in somewhere like Nationwide who've already said they'll only have UK call centres.... Will the Banking Unions organise something like this ..... I am sure 1000's of people will be interested..... I call upon every working person to join in any legitimate protest about this - we simply cannot keep tolerating this pathetic lack of leadership from Labour who actually own majority shareholdings in LTSB... Mtr Dhanda - please / please call Gordon Brown and get that General Election called - put the interests of the British worker before any political ambitions...

Enough is enough, Gloucester

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really feel angry at this decision - this is to me a fairly 'local' building society which has been made a scapegoat for the HBOS takeover disaster - why not cut jobs / close branches in the failing arm of the bank - bad news for the west of England region. :(

Edited by olliegog

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really feel angry at this decision - this is to me a fairly 'local' building society which has been made a scapegoat for the HBOS takeover disaster - why not cut jobs / close branches in the failing arm of the bank - bad news for the west of England region. :(

Cheltenham & Gloucester hasn't been a Building Society since 1997 when it demutualised and was taken over by Lloyds.

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Google search for "cheltenham & gloucester" "buy to let".

Result - nearly 10,000 hits.

Welcome to to post debt bubble jobs market, enjoy it, you played your part in creating it.

Meanwhile the self-publicist mortgage peddler in chief does an about face and makes the disappearance of C&G sound like one of his "predictions", the mortgage racketeers still get plenty of column inches in the dead tree press.

http://business.timesonline.co.uk/tol/busi...icle6460522.ece

The compete removal of C&G on the high street prompted speculation that the brand - which has been Lloyds' flagship mortgage name - will be closed down over time. Ray Boulger, a mortgage expert at John Charcol, the brokerage, said: "It is inevitable that some brands will disappear".

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Google search for "cheltenham & gloucester" "buy to let".

Result - nearly 10,000 hits.

Welcome to to post debt bubble jobs market, enjoy it, you played your part in creating it.

Meanwhile the self-publicist mortgage peddler in chief does an about face and makes the disappearance of C&G sound like one of his "predictions", the mortgage racketeers still get plenty of column inches in the dead tree press.

http://business.timesonline.co.uk/tol/busi...icle6460522.ece

The compete removal of C&G on the high street prompted speculation that the brand - which has been Lloyds' flagship mortgage name - will be closed down over time. Ray Boulger, a mortgage expert at John Charcol, the brokerage, said: "It is inevitable that some brands will disappear".

:lol::lol::lol::lol:

Your post yesterday:

Fail.

http://www.moneymarketing.co.uk/cgi-bin/it...h=341&f=342

Brand Awareness

Lee Jones - 05-Jun-2009

John Charcol senior technical manager Ray Boulger says: “I would expect that, because it is making the decision, Lloyds will not drop its own brandsâ€. He may be right; Lloyds TSB continues to be a huge presence on high streets all over the UK, and C&G is a popular mortgage brand, neither is likely to disappear.

All aboard the fail boat indeed.

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:lol::lol::lol::lol:

Your post yesterday:

All aboard the fail boat indeed.

Thanks for that, I was going to go back and look it up but couldn't be bothered.

The Times journalists should be doing something that they are more suited to (related to the paper industry) and help bring back some productive business to the UK, something like adding the perforations to bog roll should be suitable, repetitive and requiring no independent thought, right up their street..

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Not even the beginning of the end its more the end of the end as the few remaining mutuals get swallowed and their branches get chopped. Abbey and A&L, both downgraded by Moodys, A&L from C to E, are both about to lose their name and it can only be a matter of time before they lose some branches.

Doesn't sound like a great basis for a recovery does it?

Not sure however, who will be able to take on these failing mutuals when:

Nationwide, Britain’s biggest building society, has already bailed out three struggling societies and is said to have a limited appetite to do more deals. The new super-mutual being created through the merger of Britannia and the Coop is among other parties being sounded out by the regulator on their appetite for possible deals.

As one of the quotes from the original article re C&G said:

Twelve months ago, Lloyds was the sixth most efficient bank IN THE WORLD, but the idiots at the top, who could not see that this lousy Government wanted them to step in, and let them bale out a sinking ship, with billions of reserves.

Now what's left

So is that what will happen to Nationwide / Co-op and Yorkshire ? Moodys downgraded Nationwide and they have problems already.

Understandably, the FSA is in the process of verifying whether all societies - not just the Moody's seven - have the capital to cope with further strains in the housing market and whether they have sufficient access to finance to withstand a prolonged drought of wholesale funding.

Societies unable to demonstrate they can absorb potential future losses comfortably will not be allowed by the FSA to retain their independence - unless the Treasury were to invest in them on taxpayers' behalf (not impossible). As for those with adequate capital but inadequate access to deposits and wholesale finance, their future hinges on whether the Treasury and Bank of England relax their conditions for providing taxpayer loans and guarantees.

Ralph Silva of TowerGroup, the leading financial services research firm, said that up to 15 building societies could be forced to merge within the next year or so but that at least five others would fail on the lines of Dunfermline Building Society.

He said: "At least four or five more will go the same way [as Dunfermline] over the next 12 months. Most building societies wait too long before asking for help and the result will be that some will be too far along to be saved. I think that 10-15 societies could merge within the next year or so – although to be clear, I expect them to merge into other entities, not disappear completely

Edited by Sybil13

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really feel angry at this decision - this is to me a fairly 'local' building society which has been made a scapegoat for the HBOS takeover disaster - why not cut jobs / close branches in the failing arm of the bank - bad news for the west of England region. :(

Because their head offices are in Scotland

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