Co-operative Bank will axe 350 jobs in middle management and head office and will close 18 branches as Covid jobs bloodbath continues

The Co-operative Bank is to axe around 350 jobs from up and down the country and close 18 branches as it becomes the latest business to fall victim to Britain's coronavirus jobs bloodbath.
More than 187,000 people across a range of industries face redundancy, or have already been laid off, in recent months as the pandemic puts a huge dent in the national economy. 
The bank is to slash roles in middle management and head office as it said today it has not been immune to the effects of the crisis, as low interest rates hit the income of all lenders.
The Co-operative Bank has said it plans to cut around 350 jobs as it closes 18 branches and reduces middle management and head office roles
The Co-operative Bank has said it plans to cut around 350 jobs as it closes 18 branches and reduces middle management and head office rolesMore customers are also choosing to bank online, and making fewer transactions in branches, chief executive Andrew Bester said.
Bosses promised to try to redeploy staff where possible, and will consult with them and the unions.
Rob MacGregor at Unite said that the union is 'deeply disappointed' by the decision to cut staff and close branches.
'Job losses are always unwelcome, however, given the repeated restructuring exercises that this workforce has been through over the past 10 years the news today will be particularly painful,' he said.
'During these extremely testing economic times, Unite wants all employers to work with the trade union to avoid job losses and protect the livelihoods of our members.
'Unite will continue to press The Co-operative Bank to put strategies in place to secure as many jobs as possible and avoid compulsory redundancies.'
The 18 branches will be closed by December 1 this year.
Co-operative Bank said it had chosen the sites after analysing their footfall over the last 12 months.
It will write to affected customers to let them know what alternatives are available.
Mr Bester said: '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.'
The closed branches include banks in Cambridge, the City of London, Rotherham and York.
Many of the UK's biggest high street lenders have been at the centre of ensuring that businesses are supported through the Covid-19 crisis.
However, they have also been forced to write down many of the loans that they have given to businesses which may be struggling during the crisis.
Mr Bester added: '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.'
Among the more recent casualties of the Covid crisis is Marks & Spencer, which announced last week it will axe 7,000 jobs as part of a further shake-up of its stores and management.
It brought the total number of cuts and roles at risk in Britain's battered retail sector to more than 41,000, while industry chiefs this week warned more than 90,000 jobs in the travel sector have been lost or at risk because of the pandemic.
Marks & Spencer announced last week that it plans to cut around 7,000 jobs over the next three months
Marks & Spencer announced last week that it plans to cut around 7,000 jobs over the next three months
It has been predicted some 6.5 million jobs in total will go in the UK because of the coronavirus disaster. 
It has led to calls for a targeted support scheme for the sector amid concerns the Government's action will not be enough to save jobs or specifically help or retrain those in retail who have lost their roles.
The Government's furlough scheme for workers comes to an end in October and while it has launched the back to work bonus, offering firms £1,000 for every furloughed staff member a business retains, there are fears there will still be thousands more retail jobs axed.
Chancellor Rishi Sunak unveiled his Plan for Jobs in the summer statement alongside a 15% cut in VAT to add to the 100% business rates relief already available for eligible businesses.
Around 14,000 jobs could also be on the brink at Debenhams, with plans to liquidate the business being drawn up in case other options for saving the company – such as selling it – fall through.
If the ailing department store chain collapses – and all 14,000 jobs are lost – it would be the single biggest cull of the coronavirus crisis.
It would bring the total number of potential UK job losses to more than 180,000 since the pandemic began – adding to misery hitting firms from Virgin Atlantic to NatWest, British Gas-owner Centrica and luxury car maker Aston Martin.
British Airways has so far announced the largest cull, signalling that it may have to cut as many as 12,000.
The likes of Laura Ashley, Cath Kidston and Oasis are among the other big-name brands that have collapsed this year.

How more than 187,000 jobs have now been lost or are at risk amid the coronavirus pandemic 

The Co-operative Bank has become the latest employer to cut large numbers of jobs, saying it plans to cut around 350 jobs.
It follows cuts of around 7,000 roles announced by retail giant M&S last week, with mass redundancies also on the horizon at the likes of John Lewis, sushi chain Yo! and clothing store River Island. 
And around 14,000 jobs could be on the brink at struggling department store Debenhams, with plans to liquidate the business being drawn up in case other options for saving the company – such as selling it – fall through. 
Here are the major potential job losses announced since the coronavirus lockdown was imposed on March 23:
Total: 187,719
  • August 25: Co-operative bank - 350 
  • August 18 - M&S - 700 
  • August 17: easyJet: 670 
  • August 17: Jet2: 102 
  • August 16: Debenhams: 14,000 at risk 
  • August 14 - John Lewis - 399 at risk 
  • August 14 - Yo! Sushi - 250
  • August 14 - River Island - 350
  • August 12 - NatWest - 550
  • August 11 - InterContinental Hotels - 650 worldwide
  • August 11 - Debenhams - 2,500
  • August 7 - Evening Standard - 115
  • August 6 - Travelex - 1,300
  • August 6 - Wetherspoons - 110 to 130
  • August 5 - M&Co - 380
  • August 5 - Arsenal FC - 55
  • August 5 - WH Smith - 1,500
  • August 4 - Dixons Carphone - 800
  • August 4 - Pizza Express - 1,100 at risk
  • August 3 - Hays Travel - up to 878
  • August 3 - DW Sports - 1,700 at risk
  • July 31 - Byron - 651
  • July 30 - Pendragon - 1,800
  • July 29 - Waterstones - unknown number of head office roles
  • July 28 - Selfridges - 450
  • July 27 - Oak Furnitureland - 163 at risk
  • July 23 - Dyson - 600 in UK, 300 overseas
  • July 22 - Mears - fewer than 200
  • July 20 - Marks & Spencer - 950 at risk
  • July 17 - Azzurri Group (owns Zizzi and Ask Italian) - up to 1,200
  • July 16 - Genting - 1,642 at risk
  • July 16 - Burberry - 150 in UK, 350 overseas
  • July 15 - Banks Mining - 250 at risk
  • July 15 - Buzz Bingo - 573 at risk
  • July 14 - Vertu - 345
  • July 14 - DFS - up to 200 at risk
  • July 9 - General Electric - 369
  • July 9 - Eurostar - unknown number
  • July 9 - Boots - 4,000
  • July 9 - John Lewis - 1,300 at risk
  • July 9 - Burger King - 1,600 at risk
  • July 7 - Reach (owns Daily Mirror and Daily Express newspapers) - 550
  • July 6 - Pret a Manger - 1,000 at risk
  • July 2 - Casual Dining Group (owns Bella Italia and Cafe Rouge) - 1,909
  • July 1 - SSP (owns Upper Crust) - 5,000 at risk
  • July 1 - Arcadia (owns TopShop) - 500
  • July 1 - Harrods - 700
  • July 1 - Virgin Money - 300
  • June 30 - Airbus - 1,700
  • June 30 - TM Lewin - 600
  • June 30 - Smiths Group - 'some job losses'
  • June 25 - Royal Mail - 2,000
  • June 24 - Jet2 - 102
  • June 24 - Swissport - 4,556
  • June 24 - Crest Nicholson - 130
  • June 23 - Shoe Zone - unknown number of jobs in head office
  • June 19 - Aer Lingus - 500
  • June 17 - HSBC - unknown number of jobs in UK, 35,000 worldwide
  • June 15 - Jaguar Land Rover - 1,100
  • June 15 - Travis Perkins - 2,500
  • June 12 - Le Pain Quotidien - 200
  • June 11 - Heathrow - at least 500
  • June 11 - Bombardier - 600
  • June 11 - Johnson Matthey - 2,500
  • June 11 - Centrica - 5,000
  • June 10 - Quiz - 93
  • June 10 - The Restaurant Group (owns Frankie and Benny's) - 3,000
  • June 10 - Monsoon Accessorise - 545
  • June 10 - Everest Windows - 188
  • June 8 - BP - 10,000 worldwide
  • June 8 - Mulberry - 375
  • June 5 - Victoria's Secret - 800 at risk
  • June 5 - Bentley - 1,000
  • June 4 - Aston Martin - 500
  • June 4 - Lookers - 1,500
  • May 29 - Belfast International Airport - 45
  • May 28 - Debenhams (in second announcement) - 'hundreds' of jobs
  • May 28 - EasyJet - 4,500 worldwide
  • May 26 - McLaren - 1,200
  • May 22 - Carluccio's - 1,000
  • May 21 - Clarks - 900
  • May 20 - Rolls-Royce - 9,000
  • May 20 - Bovis Homes - unknown number
  • May 19 - Ovo Energy - 2,600
  • May 19 - Antler - 164
  • May 15 - JCB - 950 at risk
  • May 13 - Tui - 8,000 worldwide
  • May 12 - Carnival UK (owns P&O Cruises and Cunard) - 450
  • May 11 - P&O Ferries - 1,100 worldwide
  • May 5 - Virgin Atlantic - 3,150
  • May 1 - Ryanair - 3,000 worldwide
  • April 30 - Oasis Warehouse - 1,800
  • April 29 - WPP - unknown number
  • April 28 - British Airways - 12,000
  • April 23 - Safran Seats - 400
  • April 23 - Meggitt - 1,800 worldwide
  • April 21 - Cath Kidston - 900
  • April 17 - Debenhams - 422
  • March 31 - Laura Ashley - 268
  • March 30 - BrightHouse - 2,400 at risk
  • March 27 - Chiquito - 1,500 at risk.

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