UK's Lloyds TSB cuts jobs as 31 C&G branches close

Wed Aug 8, 2007 12:19pm EDT

LONDON Aug 8 (Reuters) - British bank Lloyds TSB (LLOY.L) said on Thursday its Cheltenham & Gloucester division plans to close 31 of its 195 branches later this year as customers turn to phone and Internet banking, hitting 315 jobs.

"Closing branches is never a decision that we take lightly but, with more customers taking advantage of technology, the number of customers coming through the doors in these particular branches has fallen," Jon Pain, Managing Director at C&G, said.

"By closing these branches where customer use has dropped, we can invest in the branches that customers do use."

The bank said it was talking to staff affected by the changes to its branch network and structure, adding it would look to find other jobs within C&G or elsewhere in Lloyds.

The branches are set to close in November.

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