By Euro Weekly News Media •
Published: 02 Nov 2013 • 20:53
LONDON (Reuters) – Britain’s Co-op Bank will cut more than 1,000 jobs, over 10 percent of its workforce, as part of an overhaul of its business and finances, Sky News television channel reported on Saturday, citing insiders at the bank.
A spokesman for the bank, which is owned by the mutual Co-operative Group, declined to comment on the report.
The Co-op Bank is scheduled to make an announcement on Monday about its plans to address a 1.5 billion-pound capital shortfall identified by regulators, and about its business plan for the next four to five years.
It is widely expected that the announcement will include details of a cost-cutting plan at the troubled bank.
The framework of the Co-op Bank’s recapitalisation plan is already known. The Co-operative Group will remain the largest single shareholder with 30 percent of the bank, but the remaining 70 percent will be owned by bondholders.
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don't already have one. Review our
Share your story with us by emailing firstname.lastname@example.org, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews
Download our media pack in either English or Spanish.