Overview

• The Co-operative Bank announces a major restructuring plan, aiming to cut approximately 400 jobs, or 12% of its workforce, to reduce costs.
• The job cuts come amid ongoing talks with Coventry Building Society over a potential merger that would create a super-mutual with £90bn in assets.
• The bank's decision to reduce its workforce is part of a strategic review initiated in November, focusing on cost reduction and efficiency improvements.
• No branch closures are planned; however, the redundancies will affect various roles across the business, including head office, operations, and branch positions.
• The Co-operative Bank's pre-tax profit nearly halved from £132.6 million in 2022 to £71.4 million in 2023, citing one-off costs and increased staff expenses as significant factors.