The Co-Operative Bank to cut 350 jobs and close 18 branches – see the full list
THE Co-Operative Bank has announced plans to cut 350 jobs and close 18 branches.
The banking group is the latest business to have been impacted by the coronavirus crisis.
Co-Operative Bank confirmed the news in an update today, saying it's been affected by record low Bank of England interest rates.
Interest rates have been held at 0.1% - the lowest level in 400 years - to help reduce the economic shock of the pandemic for borrowers.
For lenders, it means lower profitability because of the cheaper borrowing costs.
Co-Operative Bank says it's also been impacted by more people banking online.
Which Co-Operative Banks are closing?
THE Co-Operative Bank has confirmed plans to close the following branches:
- Ashton
- Bradford
- Cambridge
- Chatham
- Chester
- Chichester
- City of London
- Dartford
- Halesowen
- Harrogate
- Luton
- Oxford
- Rotherham
- Solihull
- Truro
- Wakefield
- Walsall
- York
The 18 branches that have been earmarked for closure will shut by December 1 this year.
You can see a full list of locations in the box above.
The bank will also write to all affected customers with information about alternative options available to them.
Co-Operative Bank said it had chosen the sites after analysing their footfall over the last 12 months.
The bank has spoken to affected staff at these stores, while the group is also planning on axing some middle management and head office roles.
Bosses say they will try to redeploy staff where possible.
Job losses since June 2020
MANY firms have announced job cuts since June 2020 alone as a result of the coronavirus lockdown.
These include:
- Shoe chain Aldo collapsed into administration with five stores permanently closed
- Victoria's Secret plunged into administration, putting 800 jobs at risk
- Fashion chain Quiz put its shop business into administration in , putting 82 stores at risk
- British Gas owners cuts 5,000 jobs, over half of which will be in management
- Airbus announces 1,700 job losses. It expects cuts to be made by summer 2021
- TM Lewin says it will close all 66 of its UK shops, putting 600 jobs at risk
- Harveys Furniture goes into administration resulting in 240 immdiate job losses and puts another 1,000 at risk
- Upper Crust plans to make 5,000 out of its 9,000-strong workforce redundant
- EasyJet says it plans to close hubs at Stansted, Southend and Newcastle, putting 4,500 jobs at risk
- Harrods has said it is consulting on cutting 680 jobs
- Virgin Money, which owns Clydesdale and Yorkshire Bank, will cut 300 jobs
- Topshop owner Arcadia has announced plans to cut 500 office staff
- Royal Mail is expected to cut 2,000 jobs as a result of coronavirus
- Book and stationery giant WH Smith has warned it could cut 1,500 jobs
- DW Sport fell into administration and expects to cut 1,500 jobs
- High street giant Boots says it expects to axe 4,000 jobs as well as closing 48 opticians branches
- John Lewis revealed plans to close eight stores, putting 1,300 jobs at risk.
- M&S plans to axe up to 7,000 roles, mostly made up of shop workers.
- STA Travel, which employed 500 staff, has gone out of business.
Co-Operative Bank chief executive Andrew Bester said: “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 today.
"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."
He continued: "We will do all we can to support colleagues through the process with fairness and respect."
Co-Operative Bank isn't the only business to announce job cuts following the coronavirus pandemic.
STA Travel has gone out of business with 500 people set to lose their jobs.
M&S has confirmed plans to axe up to 7,000 shop floor workers, while River Island is cutting 350 senior roles.
A staggering 730,000 Brits have become unemployed since March when the coronavirus lockdown began.