Co-op Bank to axe 350 jobs and close 18 branches across country

BREAKING: Co-op Bank to axe 350 jobs and close 18 branches across country

The Co-operative Bank is planning to cut hundreds of jobs from numerous branches across the the UK, amid a period of ‘prolonged economic uncertainty’.

It said it has not been immune to the effects of recent months, as low interest rates have hit the income of all lenders.Bosses promised to try to redeploy staff where possible, and will consult with them and the unions but Unite said it was ‘deeply disappointed’ with the move. ‘Unfortunately, we’re not immune to the impact of recent events, with the historically low base rate affecting the income of all banks and a period of prolonged economic uncertainty ahead, which means it’s important we reduce costs and have the right-sized operating model in place for the future.

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