Consolidation of banks could result in further deteriotation of high streets. The recent take-over of HBOS by Lloyds could result in the closure of more than 1,800 branches including some in Brighton & Hove.
The group has already announced the closure of all 164 branches of its mortgages & savings business, Cheltenham & Gloucester.
C& G customers will to be able to manage their accounts at any of Lloyds TSB branches over the phone and by post.
Most customers will find an existing Lloyds TSB branch within 400 metres of the former C&G branch so the inconvenience factor will be fairly minimal.
The changes on the high street could be more marked however. But this is a continuation of a trend that has been developing since the onset of online banking. Banks have been shrinking in numbers and the buildings have been refurbished and turned into pubs and clubs.
The difference now is that the licensed industry is struggling against rising taxes, tighter disciplines and of course the recession, which means these latest properties may well lie empty until someone somewhere dreams up a new alternative use for them.
But the real victims of this latest development will be the workforce. The Lloyds group has announced 510 job losses across its retail banking division. This will bring the total number of people laid off by Lloyds this year to 3,000.
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