The Manchester based Co_op Bank is to close eighteen branches with the loss of around 350 jobs.
The job losses, says the Company will affect middle management positions and head office roles and follows an analysis of footfall in each store which began before Britain’s virus-induced lockdown.
It’s chief executive Andrew Bester said: “Our people have shown great dedication and commitment to our customers over the past few months, so we are very sorry to announce this news today. 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.
“At the same time, we are responding to the continuing shift of more and more customers choosing to bank online, with lower levels of transactions in branches, a trend which has been increasing for some time, across the banking sector and more broadly.”
