EMCC European Monitoring Centre on Change

Co-operative Bank

Co-operative Bank

Geographic Location

Country: United Kingdom
Location of affected unit(s): Ashton, Bradford, Cambridge, Chatham, Chester, Chichester, City of London, Dartford, Halesowen, Harrogate, Luton, Oxford, Rotherham, Solihull, Truro, Wakefield, Walsall and York


Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation
Number Employed: 3175

Employment Effects

Announcement Date: 25-08-2020
Planned Job Reductions min: 350
Planned Job Reductions max: 350
Type of Restructuring: Internal restructuring
Foreseen End Date: 01-12-2020

Additional Information

The Co-operative Bank, the British retail and commercial bank has announced that it will close 18 of its branches across England and cut 350 jobs, 11% of its workforce, by 1st December. The job cuts will affect people working in the branches to be closed, in the head office and in middle management roles.

The bank’s chief executive said the cuts and closures were meant to save money and 'right-size the operating model' in response to the low interest rates and the economic downturn caused by the COVID-19 pandemic. He added that there was a shift towards customers increasingly using online banking services, even before the pandemic started.

The trade union Unite said the news was 'particularly painful' because employees of the bank had experienced a number of restructures in the past decade.

The Co-operative Bank has a customer-led ethical policy, which means that the bank does not provide banking services to organisations that conflict with customers’ views on a range of issues, for example human rights or animal welfare.