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It comes after Lloyds announced that all branches of the Cheltenham & Gloucester building society are to close, potentially leaving hundreds of workers seeking alternative ways to earn extra money.
Unite, the largest union in the UK, has expressed its outrage at the closures, while the move has again raised the issue of Lloyds' takeover of the beleaguered HBOS.
Commenting on the job losses, Peter Hahn, a fellow at Cass Business School, remarked that the situation may have been avoided if the government had nationalised HBOS instead of letting Lloyds take over.
"One of the problems is that the banks have been run for the managers, rather than the shareholders, for a long time," he stated.
However, Mr Hahn claimed that Lloyds will eventually make a "pile of money" from the merger when circumstances improve.
