Co-op Bank exterior

Picture copyright
Getty Photographs

Picture caption

Deputy chief government Liam Coleman stated the job losses had been “crucial”

200 jobs are set to go on the Co-operative Financial institution.

Workers have been instructed the posts will go by March and can primarily affecting administration and head workplace roles in Manchester and Stockport.

Deputy chief government Liam Coleman stated the fee reductions had been “crucial” because it continues its three-year £1bn plan to rebuild the business.

Profits at the Co-op Group more than halved to £17m within the first six months of the yr.

‘Tough journey’

Mr Coleman stated: “These price reductions are crucial to progressing our turnaround and delivering a price base which helps a sustainable core financial institution.”

He stated it could proceed to seek the advice of colleagues and commerce unions on the proposals over the approaching weeks.

“Now we have made progress in turning the financial institution round since 2013, however have all the time been clear that the financial institution’s restoration is a troublesome journey.”

He stated the enterprise would stay loss-making this yr and subsequent yr whereas it continues its “turnaround plan in a difficult financial atmosphere while constructing a extra resilient and sustainable financial institution”.

‘Actual blow’

Unite nationwide officer Rob MacGregor stated: “The pace and breadth of those cuts will hit the Co-operative Financial institution’s a lot cherished customer support and with it the financial institution’s distinctive promoting level.

“Obligatory redundancies are anathema to all commerce unions, however the timing of this train simply earlier than Christmas is an actual blow to our members.”

He stated the union can be supporting members and urgent the financial institution to rethink the cuts the place potential.