Co-op Bank to cut 400 jobs as it seeks to ‘simplify and transform the business’
Job cuts: Co-operative Bank says it wants to ‘simplify and transform the business’
The Co-operative Bank plans to cut 400 jobs as it seeks to ‘simplify and transform the business’.
It comes as the lender, which employs 3,000 people, continues to discuss a takeover by Coventry Building Society.
A spokesperson says the job losses have nothing to do with the talks announced at the end of last year.
The ax will fall across the company, including the lender’s fifty branches, but will not impact the number of branches.
The bank said: ‘The decision has not been taken lightly and the bank will continue to work closely with our union and support affected colleagues.’
Last month the lender reported a sharp fall in pre-tax profits of £71.4 million, compared to £132.6 million the year before.
Personnel costs increased by a fifth. The possible partnership with Coventry would see the 152-year-old bank return to mutual ownership.
Britain’s medium-sized lenders are feeling the pressure of fierce competition in the mortgage market. Elsewhere, Virgin Money has agreed to a takeover by Nationwide.