News
Lloyds cuts 160 intermediary sales jobs
Lloyds Banking Group is to channel its mortgage distribution through Birmingham Midshires, Cheltenham & Gloucester (C&G), Halifax and Scottish Widows, resulting in the loss of approximately 160 full time jobs across the intermediary sales teams.
The Group will also be consolidating the separate brands national account teams into one Lloyds Banking Group team.
From 1 July, Bank of Scotland and Intelligent Finance, while continuing to service the needs of existing customers, will no longer write new intermediary mortgage business.
In addition, the C&G branch network will close in November 2009 as the division focuses on building its significant mortgage intermediary businesses. Bank of Scotland, Halifax and Lloyds TSB will all continue to operate on the high street, providing new mortgages and a range of other direct-to-consumer products.
Later this year, Bank of Scotland – which currently provides Halifax branded mortgages on the high street – will provide Bank of Scotland branded mortgages.
Nigel Stockton, sales director at Lloyds Banking Group, commented: “These are tough changes we have announced today, make no mistake though, focussing our attention on these key intermediary brands will help us deliver a better quality of service and range of products to our intermediary partners as well as placing us in pole position to continue to deliver in these challenging more markets.”
The growth of ‘just-off-high-street’ lending
Sponsored by Pepper Money
These changes to the Group’s mortgage distribution are part of a wider refocusing within its retail division. They follow its decision in December to continue operating a multi-brand mortgage business, with the intermediary channel continuing to play a key role.