Axe to fall on 200 Co-op Bank jobs

THE Co-operative Bank is to slash a further 200 jobs at its Manchester and Stockport offices.

Staff at the bank were told of the job cuts this morning (Thursday November 17) in the wake of a warning several days ago that the current environment of low interest rates was affecting its money-making potential.

The bank said the 200 roles will be made redundant by the end of March next year.

A large number of the jobs affected by today’s announcement are in management and head office roles, primarily based in Manchester and Stockport.

The company said it would continue consultation with colleagues and trade unions on the restructuring in the coming weeks.

Deputy chief executive Liam Coleman said: “Decisions such as these are never easy, but these cost reductions are critical to progressing our turnaround and delivering a cost base which supports a sustainable Core Bank. Regrettably, this means we have today briefed colleagues on our proposals to make around 200 roles redundant.

“Over the coming weeks we will continue to consult with colleagues and trade unions on these proposals and our focus will be to ensure that all impacted colleagues are treated sensitively and respectfully.

“We have made progress in turning the Bank around since 2013 but have always been clear that the Bank’s recovery is a difficult journey.
 
“As we have said before, we will remain loss making in 2016 and 2017 and whilst we continue to make progress with our turnaround plan, in a challenging economic environment, maintaining our focus on costs and delivery of initiatives are key to building a more resilient and sustainable bank.

“As such, it is important that we take the necessary steps to continue to progress our turnaround.”