UK’s Co-operative Bank to cut 400 jobs as part of cost reduction programme
The Co-operative Bank in the UK is set to cut around 400 jobs across its business as part of a cost reduction programme.
Co-operative Bank to cut 12% of workforce
The Manchester-headquartered bank says a consultation for the proposed job cuts has now commenced, with the action expected to impact 12% of its total workforce.
“The decision has not been made lightly, and the bank will continue to work closely with our trade union and to support impacted colleagues,” the bank says in a statement.
Effective from 7 May, the move forms part of a broader effort by the bank to “simplify processes, reduce our cost base and make efficiency improvements”.
The bank says it has been pursuing a strategy over the past three years to “simplify and transform the business with the aim of delivering long-term sustainable growth”.
Its activities in this pursuit have included a £100 million investment to re-platform its IT system, a transition it says is “nearing completion”.
With the next steps of this transformation now on the horizon, the bank says its proposed operating model restructure is “essential for the delivery of the next phase of the strategic plan”, as it looks to “ensure we have the right resource and processes in place to deliver our customer and commercial objectives”.
The Co-operative Bank has reportedly been mulling a sale since its split from the Co-operative Group in 2020. Sky News reported last year that the firm was engaged in takeover talks with Coventry Building Society.
