Britain's Co-op Bank cutting 350 jobs, closing 18 branches

Credit: REUTERS/HANNAH MCKAY

Britain's Co-operative Bank is cutting around 350 jobs and closing 18 branches as the coronavirus crisis forces it to reduce costs, the lender said on Tuesday.

LONDON, Aug 25 (Reuters) - Britain's Co-operative Bank is cutting around 350 jobs and closing 18 branches as the coronavirus crisis forces it to reduce costs, the lender said on Tuesday.

Aside from staff affected in the closing branches, most of the roles being eliminated are in middle management and its head office, the bank said.

The 18 branches will close by the end of this year.

"Unfortunately, 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," CEO Andrew Bester said.

(Reporting by Iain Withers; editing by Jason Neely)

((Iain.Withers@thomsonreuters.com;))

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