Co-op Bank to cut 350 jobs as ‘prolonged uncertainty’ takes toll


The Co-operative Bank has announced plans to cut around 350 jobs and close 18 branches as it cuts costs amid “prolonged economic uncertainty”.

Middle management and head office roles will be among those affected as well as staff employed at the branches earmarked to be shut, the lender said.

The announcement was partly blamed on the cut in the Bank of England interest rate to 0.1% – a move that makes it more difficult for lenders to make profits.

It was also attributed to the continuing trend towards online banking across the sector – with branches selected for closure after an analysis of footfall over the course of 2019, before the start of the pandemic.

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