The Manchester based Co-op Bank is planning 400 job cuts as it says merger talks are continuing
The losses are the equivalent to 12% of its workforce, and form part of broader plans to simplify its business and reduce costs.
“The decision has not been made lightly, and the Bank will continue to work closely with our trade union and to support impacted colleagues,” it said in a statement, describing the cuts as “essential” for the delivery of its strategic plan.
Co-op Bank, said last year that it had entered exclusive discussions with Coventry Building Society with a view to a possible merger.
Last month the business reported that its pre-tax profit nearly halved from £132.6 million in 2022 to £71.4 million the following year.
Part of the fall was due 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.
