Co-op job cuts, solicitor struck off and personal injury controversy in Bolton
THIS week saw the Co-operative Bank slash a further 200 jobs, largely in management and head office roles, at its Manchester and Stockport offices.
Staff at the bank were told of the job cuts on Thursday in the wake of a warning that the current environment of low interest rates was affecting its money-making potential.
In September the Co-op Group, which has retained ownership of just a fifth of Co-op Bank, announced that profits had more than halved to £17m in the first six months of the year, as the group continues with its three-year plan to rebuild the business.
The group also cut the value of its 20% stake in the Co-op Bank by £45m. The bank said in April it would remain unprofitable for around two years, as a result of the tough trading conditions.
The stories to take the second and third slots in the news hit parade both hail from Bolton. First the news that a solicitor who allowed more than £300,000 to go missing from his company’s client account has been struck off.
Secondly, Bolton Council has ordered an audit investigation into the controversial award of a £300,000 grant to struggling personal injury law firm Asons.
A storm erupted after the council agreed to give the law firm the money to help with refurbishment costs of the former Bolton News offices and a full independent audit of the decision will now get underway. We await its conclusion with interest.
