The Co-operative Bank is to cut 350 jobs and close 18 branches, with an unspecified number of roles set to go at its Manchester head office.
The bank, which cut its ties with the Co-operative Group in 2017 as part of a £700million rescue deal, blamed economic conditions and the shift to online banking for the move.
It intends to redeploy some of its employees into other parts of the business, and is consulting with unions.
Among those based at the bank’s Balloon Street headquarters in Manchester are marketing, communications and digital teams, but we’re awaiting news of whether any jobs within these departments will be affected.
It will definitely be closing 18 branches across the country, including Bradford, Chester, Harrogate and York.
Its 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.”
Last year, the bank announced it would be hiring more than 100 new jobs for IT and digital specialists in Manchester.
