Co-op Bank to cut 350 jobs

The Pak Banker - - FRONT PAGE -

LON­DON: The Co-op­er­a­tive Bank is plan­ning to cut around 350 jobs and close 18 branches as it slashes costs amid "pro­longed eco­nomic un­cer­tainty".

Mid­dle man­age­ment and head of­fice roles will be among those af­fected as well as staff em­ployed at the branches ear­marked to be shut, the lender said.

It was also at­trib­uted to the con­tin­u­ing trend to­wards on­line bank­ing across the sec­tor - with branches se­lected for clo­sure af­ter an anal­y­sis of foot­fall over the course of 2019, be­fore the start of the pan­demic.

The clo­sures, which rep­re­sent more than a quar­ter of the Co-op's 68 lo­ca­tions, are ex­pected to be com­pleted by 1 De­cem­ber. The 350 jobs af­fected rep­re­sent 11% of the lender's work­force. Chief ex­ec­u­tive An­drew Bester said: "Un­for­tu­nately, we're not im­mune to the im­pact of re­cent events, with the his­tor­i­cally low base rate af­fect­ing the in­come of all banks and a pe­riod of pro­longed eco­nomic un­cer­tainty ahead, which means it's im­por­tant we re­duce costs and have the right-sized op­er­at­ing model in place for the fu­ture."

Mr Bester said the bank was writ­ing to cus­tomers with in­for­ma­tion on al­ter­na­tive op­tions avail­able af­ter branches close, in­clud­ing Post Of­fice counter ser­vices, telephone, on­line and mo­bile bank­ing.

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