Co-operative Financial Services (CFS)

Type
Closure
Country
United Kingdom
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
670 jobs
Number of planned job losses
Job loss
Announcement Date
15 July 2011
Employment effect (start)
Foreseen end date

Description

Co-operative Financial Services (CFS) has announced plans to cut 670 jobs with the closure of its door-to-door sales team. CFS said the division faced rising regulatory costs with the introduction of new rules on financial advice. Of the job cuts, 497 will be from sales staff, with the remainder in office-based managerial and support roles. As of 18 July 2011, no specific date was given for the implementation of the cuts. 

Sources

  • 15 July 2011: BBC News

Citation

Eurofound (2011), Co-operative Financial Services (CFS), Closure in United Kingdom, factsheet number 72197, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72197.