Co-operative Bank reveals plans to slash around 400 jobs, across the UK

The Co-operative Bank has revealed its plans to reduce its workforce by about 10%, which equates to roughly 400 jobs, in effort to reduce costs.

The bank is set to begin a consultation and restructuring process that will ultimately result in a net decrease of 12% in roles throughout 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."

A branch of The Co-operative Bank is located on Colmore Row in Birmingham. It remains unclear whether the bank’s proposed changes will result in the closure of any branches.

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