Co-op Bank plans to slash around 400 roles in cost-cutting drive

The Co-operative Bank has said it plans to cut around one in ten of its workforce, shedding approximately 400 jobs, in a bid to cut costs.

The bank said that it was embarking on a consultation and restructure which will lead to a net reduction of 12% of its roles across the organisation.

“Today, we have announced a series of changes across the bank which are essential for the delivery of the next phase of the strategic plan,” the Co-operative Bank said.

“These include the commencement of a consultation on a proposed operating model restructure which is expected to result in a net reduction of approximately 400 roles (12%) across the bank.

“The decision has not been made lightly, and the bank will continue to work closely with our trade union and to support impacted colleagues.”

Follow STV News on WhatsApp

Scan the QR code on your mobile device for all the latest news from around the country