Troubled UK lender Co-operative Bank is set to slash 200 jobs in order to boost profitability amidst a low interest rate environment.
The move will affect a large number of management and head office roles, mainly in Manchester and Stockport, and areas where processes can be simplified and streamlined.
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The move will not include closure of any branch, the bank confirmed. The layoffs will be completed by the end of March 2017.
The Co-operative Bank deputy CEO Liam Coleman said: “Decisions such as these are never easy, but these cost reductions are critical to progressing our turnaround and delivering a cost base which supports a sustainable core bank.
“Over the coming weeks we will continue to consult with colleagues and trade unions on these proposals and our focus will be to ensure that all impacted colleagues are treated sensitively and respectfully.”
The redundancies are part of a sweeping overhaul undertaken by the bank following its near-collapse in 2013.
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By GlobalData“As we have said before, we will remain loss making in 2016 and 2017 and whilst we continue to make progress with our turnaround plan, in a challenging economic environment, maintaining our focus on costs and delivery of initiatives are key to building a more resilient and sustainable bank, ” Coleman added.
