// Co-op Bank slashes 350 jobs and shuts down 18 high street bank branches
// The job cuts are mostly in bank branches but also middle management & head office roles
The Co-operative Bank plans to cut around 350 jobs from up and down the country as it closes 18 high street branches and slashes middle management and head office roles.
The bank said it has not been immune to the effects of recent months, as low interest rates hit the income of all lenders.
More customers are also choosing to bank online, and making fewer transactions in branches, chief executive Andrew Bester said.
Bosses promised to try to redeploy staff where possible, and will consult with them and the unions.
The 18 high street branches will be closed by December 1 this year.
Co-operative Bank said it had chosen the sites after analysing their footfall over the last 12 months.
It will write to affected customers to let them know what alternatives are available.
“Our people have shown great dedication and commitment to our customers over the past few months, so we are very sorry to announce this news,” Bester said.
“Unfortunately, we’re not immune to the impact of recent events, with the historically low base rate affecting the income of all banks and a period of prolonged economic uncertainty ahead, which means it’s important we reduce costs and have the right-sized operating model in place for the future.
“At the same time, we are responding to the continuing shift of more and more customers choosing to bank online, with lower levels of transactions in branches, a trend which has been increasing for some time, across the banking sector and more broadly.”
The closed branches include banks in Cambridge, the City of London, Rotherham and York.
with PA Wires