Co-operative Financial Services

Type
Internal restructuring
Country
United Kingdom
Region
North West (England); Greater Manchester;
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
1,000 jobs
Number of planned job losses
Job loss
Announcement Date
20 July 2007
Employment effect (start)
Foreseen end date
31 December 2007

Description

The financial arm of the Co-operative Group is to make about 1,000 staff redundant this year as it tries to cut costs. Co-operative Financial Services (CFS) has not set out where the losses will take place, but Manchester is expected to bear the brunt of job losses. However, customer-facing roles, in call centres and bank branches, will not be affected, the firm said.

Analysts say that CFS has lost ground amid competition from supermarkets and online insurers. CFS, which has about 6.5 million UK customers, is among Manchester's largest private employers. It includes the Co-operative Bank and online bank Smile. The firm said it hoped to save £100m in annual operational costs by June 2008.

Sources

  • 20 July 2007: BBC Website

Citation

Eurofound (2007), Co-operative Financial Services, Internal restructuring in United Kingdom, factsheet number 65631, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65631.