The Co-operative Bank has announced proposals to reduce 350 roles and the closure of 18 branches.

In a statement, the bank explained that aside from the specific branches affected, the reduction is expected to focus on middle management positions and head office roles.

The bank said that where possible, it will be looking to redeploy workers.

Co-operative Bank chief executive, Andrew Bester, said: “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.

“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.

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.”

Source: Credit Strategy