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Co-op Manchester job cuts 'not taken lightly'

20/07/2007

Planned jobs cuts at the Manchester headquarters of the Co-op's financial unit are "not taken lightly" and the company insists that roles in call centres and high street branches will not be affected.

Co-operative Financial Services (CFS) is one of the largest private employers in Manchester and manages both the Co-operative Bank and online bank Smile, with more than six million UK customers.

The firm has unveiled plans to boost its operational business performance following the integration of Co-operative Insurance and Co-operative Bank, with a £250 million plan to expand its retail, corporate banking and general insurance businesses and launch new products.

CFS is aiming to reduce its annual operational costs by £100 million by the end of June next year and will cut around 1,000 jobs this year, many in Manchester, to ensure sustainable and profitable growth.

However, CFS chief executive, David Anderson, said: "Decisions taken which lead to a reduction in colleague numbers are not taken lightly and consultation is underway with all the relevant trades unions."

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