Redundancies at Lloyds Banking Group 'could be blessing in disguise'

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Redundancies at Lloyds Banking Group 'could be blessing in disguise'

Following Lloyds Banking Group's decision to close all 164 branches of Cheltenham & Gloucester this week, leaving 1,660 people without jobs, one expert has said this is a small consequence compared to what could happen if the firm did not act now.

According to Peter Hahn, a fellow at Cass Business School, the decision creates "miniscule" problems compared to what could happen if the bank continued without making changes.

He said that Lloyds' decision to acquire HBOS means that its priority is to now serve its new clients cheaply and scale back its "customer-facing business".

"My taxes and my pension and that of most other people in this country would be better served if Lloyds becomes as efficient as possible," Mr Hahn added.

This week, Lloyds Banking Group announced that it would be buying back some of the preference shares from the treasury after raising £4 billion from shareholder funds.

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