Manchester’s The Co-operative Bank is planning to shut down 57 more branches across the country.
The move is expected to put at risk jobs of 77 employees, reports BDaily quoting The Times.
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The bank is now planning to bring the number of its branches to 165 by the end of July in a bid to cut costs.
The lender has failed a test of financial strength by the Bank of England in December, and currently faces pressure to reduce costs and transform to a safer institution under orders from regulators.
The Co-operative Bank director of retail and commercial bank Liam Coleman said, "These changes are part of our business plan to turn the Bank around by restructuring and modernising the Bank into a simpler, more efficient business."
"Alongside online and mobile banking facilities, all closing branches are within ten miles of an alternative branch and within three miles of a Post Office branch where customers can undertake most day to day transactions, and in many cases much closer," further remarked Coleman.
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By GlobalDataColeman added that the bank seeks to keep the impact on their customers to a minimum.
