The Co-operative Bank is set to axe 400 jobs in a fresh blow to the high street.
The cut amounts to around one in 10 of the bank's workforce, with redundancies being made across head office, operations and branch roles. No branch closures are planned as a result. The bank said it would be embarking on a consultation and restructure which will lead to a net reduction of 12% of its roles across the organisation.Around 200 to 250 people are expected to leave the business, with people in other affected roles being able to apply for different jobs within the company.
25%, despite drop in inflation rateRead more: Ted Baker prepares to appoint administrators leaving more than 900 jobs at risk "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 across the bank.
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