Co-op Bank to shed 350 jobs and close branches

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The Co-operative Bank has said it will cut 350 jobs and close 18 branches due to the current “economic uncertainty” and the shift to online banking.

As well as jobs lost due to the branch closures, the cuts also include middle management and head office roles.

The bank said that, where possible, it would look to redeploy colleagues.

The bank’s chief executive, Andrew Bester, said was “very sorry” for the cuts, which he also blamed on the current record low interest rates.

“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,” he said.

“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.”