UK's Co-Op Bank to Slash 400 Jobs in Latest Cost-Cutting Drive [BNN Bloomberg (Canada)]
J SAINSBURY PLC S/ADR (JSAIY)
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about.sainsburys.co.uk/investors
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Source: BNN Bloomberg
The move will affect about 12% of the bank's staff, according to a statement. It comes as the lender has invested more than £100 million ($127 million) into its IT systems in recent years, the company said. “The decision has not been made lightly, and the bank will continue to work closely with our trade union and to support impacted colleagues,” the company said in the statement. Co-Op Bank said last month that it's seeking to shed about £35 million in expenses this year after it missed the guidance it had laid out for costs in 2023. The lender said staff costs during the year had risen as it invested in its contact centers and given out raises tied to inflation. The lender said in December that it was in “exclusive discussions” with Coventry Building Society over a potential merger after receiving some non-binding proposals from prospective buyers. The talks with Coventry came months after Co-Op Bank agreed to buy the £500 million mortgage portfolio of Sainsbury's Bank. ©20
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