The Co-operative Bank has said it plans to cut around 400 jobs, more than one in 10 of its workforce, as part of plans to slash 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.

The Co-operative Bank said: “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."

“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.”

This recent announcement comes after The Co-operative Bank announced back in 2020 it would axe 350 roles and shut 18 branches across the UK.

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The 18 branches that closed as part of that announcement back in 2020 were:

More information to follow.

  • Ashton
  • Bradford
  • Cambridge
  • Chatham
  • Chester
  • Chichester
  • City of London
  • Dartford
  • Halesowen
  • Harrogate
  • Luton
  • Oxford
  • Rotherham
  • Solihull
  • Truro
  • Wakefield
  • Walsall
  • York

These closures were expected to be completed by December 1, 2020.