The bank said the plans were ‘essential for the delivery’ of its strategy.
The Co-operative Bank has said it plans to cut around one in 10 of its workforce, shedding approximately 400 jobs, in a bid to cut costs.
“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. It put the drop down to one-off costs including nearly £29 million which was set aside to cover redress to past mortgage customers. Staff costs also increased by a fifth during 2023.
The consultation period will end in early May, and those impacted will then serve their notice period.
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