Co-operative Bank plans 350 job cuts, 18 branch closures
The Co-operative Bank has announced plans to reduce its workforce by around 350 people, closing 18 branches in the process.
“Careful analysis of individual branch footfall” influenced the choice of branches to close. All closures will finalise on 1 December 2020.
The 18 branches represent a quarter of the Co-operative Bank’s existing network.
Andrew Bester, the bank’s chief executive, says the decision is down to a “continuing shift” online.
Co-operative Bank says “where possible” it will redeploy those affected to alternative posts and roles.
“Our people have shown great dedication and commitment to our customers over the past few months, so we are very sorry to announce this news today,” adds Bester.
“Unfortunately, we’re not immune to the impact of recent events, with the historically low base rate affecting the income of all banks.”
The bank reported pre-tax losses of £44.6 million in the first half of 2020, an increase of £6.1 million from the previous year.
“The Bank is in a resilient position given the significant progress we’ve made in recent years,” says Bester.
“Our focus is on maintaining this as we continue to support our customers through the crisis. We will do all we can to support colleagues through the process with fairness and respect.”