THE Co-Operative Bank has announced plans to cut 350 jobs and close 18 branches.
The banking group is the latest business to have been impacted by the coronavirus crisis.
The Co-Op confirmed the news in an update today, saying it's been affected by more people banking online.
It's also been hit by record low interest rates after the Bank of England lowered its base rate to 0.1%.
The Co-Op says it plans on completing all bank closures by 1 December, 2020.
It also plans on writing to affected customers with information about alternative options available to them.
Co-Op Bank chief executive Andrew Bester said: “Our people have shown great dedication and commitment to our customers over the past few months, so we are very sorry to announce this news today.
"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 Co-Operative Banks are closing?
THE Co-Operative Bank has confirmed plans to close the following branches:
- City of London
More to follow…
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