Co-operative Bank is laying off 200 employees for its recovery. Liam Coleman, Co-operative Bank's Deputy Chief Executive, says lay off is vital to the bank.
Announcements of lay-offed personnel will happen on March 2017. Management and head office personnel in Manchester and Stockport will be greatly affected.
Coleman explained that the lay off is essential for their cost reduction plans, as they continue to their three-year plan to rebuild their business. He stressed that the cost-reduction plan is critical in progressing the turnaround and delivery costs, BBC reported.
The Deputy Chief Executive also stressed that the company is on the verge on consulting trade unions over the upcoming weeks. He explained that they have been making progress in turning the bank around, even though the recovery is a difficult process.
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According to Telegraph, the Co-operative Bank was forced to cut costs for longer interest rates. The news site reported that there is a pressure on banks to squeeze key margins between interests and loans.
The bank's low rates were said to be hampering the recovery efforts of the bank. It can be remembered that the bank collapsed three years ago after its merger with Britannia Building Society failed in 2009.
Coleman said that the bank has made progress since 2013. He explained that the Co-operative Bank will be making loss from this year up to next year, they are just focusing on maintaining cost and initiative delivery to create a more sustainable bank.
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