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The Co-operative bank will be closing 18 branches across the UK in the coming weeks it was revealed today. Additionally, around 350 jobs will be lost as the company cuts costs.
The bank has already spoken to affected personal and where possible, they will aim to redeploy staff into alternative posts.
Andrew Bester, Co-operative Bank’s Chief Executive, commented on today’s announcement: “Our people have shown great dedication and commitment to our customers over the past few months, so we are very sorry to announce this news today.
“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
“At the same time, 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.”
As Andrew continued: “The Bank is in a resilient position given the significant progress we’ve made in recent years, and our focus is on maintaining this as we continue to support our customers through the crisis.
“We will do all we can to support colleagues through the process with fairness and respect.”
“The planned branch closures, which are expected to be completed by December 1 2020, have been selected following careful analysis of individual branch footfall over a 12-month period [January-December 2019] prior to the start of lockdown.
“The Bank is committed to continuing to provide the high quality service that we know is important to our customers.
“We are writing to affected customers to provide information about the alternative options available to them, including Post Office counter services, telephone, online and mobile banking.”
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The 18 branches proposed for closure are as follows:
- City of London
As it stands, the Co-operative bank provides services for personal, business and commercial customers.
They offer a range of financial products which covers current accounts, savings and ISAs, loans, credit cards, mortgages, insurance and pre-paid funeral plans.
The bank is a member of the Financial Services Compensation Scheme (FSCS).
This means that savings (up to a maximum of £85,000) held in an account with the bank will be safe and protected.
Currently, the bank offers five separate types of savings products which includes:
- Select Access Saver accounts
- Instant Access account
- Fixed Rate Bonds
- ISAs and
- Children’s savings accounts
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