Co-operative Bank to axe 400 jobs in bid to cut costs

The Co-operative Bank said the cuts were part of the ‘next phase of its transformation plan’. Photograph: Nick Ansell/PA

The Co-operative Bank has unveiled plans to cut 400 jobs as part of the lender’s largest cost-cutting and restructuring programme since it was bailed out by hedge funds in 2017.

The job cuts aim to reduce the size of its 3,000-strong workforce by about 12% Redundancies will affect staff across the business, including at its 50 branches.