Co-operative bank to shed 1000 jobs

by Brian Turner

Story link: Co-operative bank to shed 1000 jobs

Co-operative Financial Services (CFS) has announced plans to make around 1,000 staff redundant this year as it attempts to cut costs.

No details have been released on where the redundancies will take place, but analysts expect its offices in Manchester to take the brunt of the redundancies.

CFS has around 6.5 million UK customers, though difference brand names such as the Co-operative Bank and online bank Smile.

The Co-operative is hoping to save around £100 million in operational costs over the next year, while additionally focusing a spend of around £250 million on better developing it’s commercial financial services, as well as general insurance product services.

CFS previously shed 2,500 jobs in 2004 as part of restructuring to reduce costs.