The Co-operative Bank are planning to cut around 350 jobs across the UK as they are closing 18 branches and middle management and head office roles will be lost.
In recent months the bank has not been immune to the effects of low interest rates hitting the income of lenders.
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, 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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