Lloyds Bank To Cut 1,660 Jobs

Lloyds Bank is closing all 164 branches of Cheltenham & Gloucester as part of a major rationalisation which will result in the loss of 1,660 jobs.

After being in existence for more than 150 year, Cheltenham & Gloucester will disappear from the High Street in November with the loss of 823 full time jobs.

At the same time Retail is combining a number of product and support roles into one integrated business unit which will result in the loss of a further 168 full-time jobs.

Other changes include the withdrawal of the Bank of Scotland and Intelligent Finance from intermediary mortgage business with effect from July 1. This will result in the loss of 159 full time jobs.

Lloyds says that the the Group's personal loans product team will be moved to one site in London and this will result in the loss of up to 265 full-time jobs, mainly in Chester.

The Group is also reducing the number of Balck Horse Centres from 92 to 61 whilst moving its CarSelect business from Cardiff to Birmingham. These changes will result in the loss of 140 full-time jobs.

Commenting on thse changes,Helen Weir, Group Executive Director, Retail, Lloyds Banking Group says: "Cheltenham & Gloucester is a very strong brand. The strategic focus for C&G from now on will be to further strengthen its intermediary and direct savings businesses.

"Another major priority for us is to ensure that we manage the closure of the C&G branch network so that it causes as little disruption as possible to our customers. We have a number of measures in place to achieve this.

"It is always difficult to make decisions about our business that affect our colleagues. We will work through these changes carefully and sensitively and continue to consult closely with our unions throughout the process."

nordcaperen

re - Bought 5k yesterday at 60.7p but will be out at 10% profit.

You aimimg low on the %, I bought SEY 10 minutes before close last Friday, UP 15% today and not selling yet.

By the way SEY was my selection for the week last Sunday at "UPS" thread......

Master RSI - 7 Jun'09 - 21:42 - 19 of 82 edit
"UPS"
SEY 2.255p
reason - Large volume last Friday with share price moving higher to the point of short term BREAKOUT. Good news coming from Kurdistan, and on the Takeover front Addax might be a white knight with time. As oil price again moving north this augurs well for a sale of the US assets to reduce debt.

Silent Cartographer - 9 Jun'09 - 12:46 - 81 of 82
MASTER RSI,
Good call on SEY !

n
re your post 238 today it seems you found some late balls following your post 227 of yesterday. good luck
regards
jkd

jkd

re - it seems you found some late balls "nordcaperen "

You mean BIG MOUTH but some balls yet

That is what happen with split personalities, they can change their minds once too often

MRSI
dont understand,we dont need split personalities to change our mind do we? i do it all the time. change my mind that is. btw can you please stop using this thread to promote UPS whatever that is and keep this thread to topic. thank you,
regards
jkd

jkd

re - dont need split personalities to change our mind do we?

You do have it any way, no wonder you talk nonesence also.
Me promote "UPS", you do not even know were to find it, if I want to do that I would add a link.
My thread "UPS" has been going on for the last 9 years, so do not need cheap promotion, and is a new thread every week, hard work indeed.

Think twice and then maybe it would make more sence

btw - nobody give me orders, so keep the please for someone else

MRSI
thank you for your advice. my 'please' was a request not an order.manners and civility cost nothing and are appreciated by some, although not all.your reply and inabilty to comprehend speaks volumes.a wise man changes his mind, the fool never.
regards to you.
jkd

jkd

The fool has spoken once too often given orders, yes this is you
That was the second time you have done it.

re - asking to keep with lloyd COMMENT.

That could be the courtesy of the PERSON opening the thread but not you repeating yourself.

re -a wise man changes his mind, the fool never.

any one changing their mind once too often, have not mind in my view, you it seems are in this category

             STOP changing your mind

MRSI
given orders? no one gave me orders.
i rest my case
regards
jkd
edit
ps i know everyone likes a good argument so this will be my last post as i have no wish to help you promote your blog free of charge.

re - resting

you should be resting long time ago



Not dead ................................... just resting

CLOSING MARKET REPORT

Lloyds Banking Group was up 1.9p at 63p, after announcing it is to close its Cheltenham & Gloucester building society branch network, cutting 1,500 jobs in the process.

Mrsi - only because I feel the big institutions will bail out with 10 -15 % profit and another possible buying opportunity will be available. 500 profit will do nicely at a time, but buying another 20k in a Sipp for the longer term.

I really don't like the self centered attitude of MSRI, regrettably I have had to squelch him, the only person I have squelched on am so no doubt he will consider himself very privileged.

BROKER CALL: From pit pony to racing thoroughbred
10 June, 2009 08:33:03 AM


Deutsche Bank reckons Lloyds Banking Group's rehabilitation began yesterday with the closure of Cheltenham & Gloucester. Cost cutting, reshaping and a recovery of the economy should all help to transform the black horse bank. Broker says buy up to 100p a share and adds: 'We expect LBG to lose money this year and next but to provide the equity market with more and more evidence of longer-term earnings power as the credit cycle matures and as cost synergies are delivered. We believe the group will report trough TNAV of 101p at end 2010 and is capable of 9p of earnings whilst official interest rates remain at current levels, rising to 15.6p on a fully recovered basis.'

That is for SEY
just take noticed who said this that and the other IF YOU WANT TO MAKE MONEY FAST.

another good move up with volume 20M and a higher BREAKOUT
do not forget the GAP this morning

LLOY with 58M is the leader this morning on VOLUME

a good movement up of 2.50p slightly better than the FTSE

optomistic

re - privileged

very privileged indeed, I have been busy given all types of advise for free, YOU firts time here, saying nothing when deciding to POP in,
anyoone can be a Sucker, YOU have been one for too long.
( 251 post and you never post anything before )

Johnny, the rain in Yorshire has been socking you "optimistic" opinion, change you nickname to "PESIMISTIC JOHN"

Just for you ............

At 67p +4p

best of the day so far, at this price someone ( nordcaperen ) should be taking profits.

I would take the shares for a ride and wait for more to come

RED IS BARC.