The Co-operative Group on Monday announced plans to close around 50 of its bank branches as part of a £1.5 billion rescue plan that will give investors majority control of the lender…
The move has caused concern among some about whether the bank will be able to retain the ethical approach which attracted many of its customers.
But the Co-operative Group will remain the largest single shareholder, with a 30 percent stake, giving it a “key role in shaping the bank’s future direction,” according to group chief executive Euan Sutherland.
“We recognise the huge importance of ethics and values for all our customers and remain committed to upholding them,” Sutherland said.
He admitted there would be “significant” job losses as the group closes around 15 percent of its 324 bank branches, without elaborating on how many of the lender’s 9,000 staff would be laid off.
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