Co-operative Bank plans to cut 400 jobs and reduce workforce by 12% due to 50% profit drop.
The Co-operative Bank plans to cut around 400 jobs, around 1 in 10 of its workforce, as part of cost-cutting measures that will result in a net reduction of 12% of roles. The move comes after the bank's yearly profit nearly halved, falling to £71.4 million in 2023 from £132.6 million in 2022. The bank aims to deliver the next phase of its strategic plan through the proposed operating model restructure.
March 26, 2024
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