The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary intermediation
200 jobs Number of planned job losses
Announcement Date
17 November 2016
Employment effect (start)
Foreseen end date
28 February 2017
Description
The Co-operative Bank has announced that it is to shed 200 jobs from its offices in Manchester and Stockport. Losses will be concentrated in management and head office roles, and are part of the company's three year plan to restructure, following its near-collapse in 2013. Even with the changes which have been made, it is expected that the bank will continue to be loss-making until the end of 2017. It is understood that consultation with employees and trade union representatives is ongoing, though the expectation is that these job cuts will have been completed by March 2017.
Sources
17 November 2016: BBC Website
Citation
Eurofound (2016), Co-operative Bank, Internal restructuring in United Kingdom, factsheet number 89162, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89162.
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