Co-op Bank to cut 350 jobs
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.