According to The Guardian, Co-operative Financial Services (CFS) has admitted that some job losses will be compulsory, but that financial advisors and call center roles will not be affected. This move is part of its restructuring and cost-cutting operation, which is expected to save the company around GBP100 million every year.
CFS, which includes the Co-operative Bank and online bank Smile, has approximately 6.5 million customers. The job cuts represent 10% of the group’s current 10,000-person workforce, This is Money reported.
At the same time, the group has reportedly announced that it will inject GBP250 million into its retail and corporate banking and insurance operations to help the business grow. According to The Guardian, CFCS will develop a new website to sell its general insurance products, as well as plans to double the number of its corporate banking centers.
The guardian also revealed that, in 2004, the group made 2,400 staff redundant as it attempted to cut costs.
