Co-operative Bank to cut 400 jobs in bid to cut costs after 2023 profits drop

The Co-operative Bank is set to shed about one in 10 of its workforce, with around 400 jobs set to go in a bid to cut costs.

Bosses at the bank said that around 12% of roles will be cut after a dip in profits last year. The bank said in a statement: “Today, we have announced a series of changes across the bank which are essential for the delivery of the next phase of the strategic plan. These include the commencement of a consultation on a proposed operating model restructure which is expected to result in a net reduction of approximately 400 roles (12%) across the bank. The decision has not been made lightly, and the bank will continue to work closely with our trade union and to support impacted colleagues.”

It comes after the rumour of takeover talks between the Co-op Bank and Coventry Building Society. City A.M reported that talks were ongoing as the Co-op Bank's profits fells from £132.6m to £71.4m.