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Co-op Bank to slash 350 jobs, close branches

Co-op Bank to slash 350 jobs, close branches

The UK's Co-operative Bank is to shed 350 jobs and close 18 branches in a bid to cut costs in the face of the ongoing Coronavirus pandemic and low base rates.

Aside from the specific branches affected, the reduction is expected to focus on middle management positions and head office roles.

Chief executive Andrew Bester says: "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."

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