UK finance firm 'to axe hundreds of jobs'

The owner of finance firm Cheltenham & Gloucester will announce today that it is axeing hundreds of jobs, unions claim.

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 the announcement would be made today and would affect 15% of the total branch network of C&G. It said the biggest job losses would be among group and branch managers.

Steve Tatlow, assistant general secretary of the union, said he feared the announcement would be the first wave of cuts as the firm looks to cut costs.

The Unite union said the closure of so many branches would be “excessive”.

Unite official John Bancroft said: “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.”