Nov 17, 2016
Co-op Bank to cut 200 jobs in Manchester and Stockport
The bank almost collapsed in 2013 and it expects to continue to be loss-making until the end of next year. "We have made progress in turning the bank around since 2013, but have always been clear that the bank's recovery is a difficult journey." "Rob MacGregor, national officer at trade union Unite, said:"The speed and breadth of these cuts will hit the Co-operative Bank's much cherished customer service and with it the bank's unique selling point. He said the union would be supporting members and pressing the bank to reconsider the cuts where possible. The group had to go to outside investors to support the Co-op Bank, which is now 80% owned by US hedge funds, with the remainder held by the Co-op Group.
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