LONDON (Reuters) – Britain’s Co-operative Bank said on Tuesday it had started a consultation to cut around 400 jobs, equivalent to 12% of its workforce, as 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.
News of the proposed redundancies follows a multi-year overhaul of the British bank, which included a 100 million pound ($126.46 million) IT investment programme.
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(Reporting By Sinead Cruise, editing by Iain Withers)
