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http://www.mirror.co.uk/money/dwp-shut-68-jobcentres-across-10747868 There is a full list of the branches to be divested in the link above.
Struggling bank the Co-op will shut 50 bank branches to help cover a £1.5 billion capital black hole. Reports suggest 10 per cent of its overall workforce, could be axed with job cuts likely to come from its banking division as part of a radical overhaul of its whole business. The Co-op made no comment on the reports. In May, the bank had its credit rating downgraded to ‘junk’ status by credit ratings agency Moody’s and was forced to present a capital plan to the Bank of England after Moody’s suggested the bank may need funding help from other parts of the business. The Capital Action Plan included details of plans to sell its life and savings division to Royal London and the sale of its general insurance division. Mismanagement and the decision to buy Britannia Building Society was blamed for the problems that left the bank with a £1.5 billion hole in its balance sheet. The Bank of England is expected to approve the changes which will see the mutually-owned organisation give up ownership of the Co-op Bank. The final number of jobs to go was still being decided this weekend, according to Sky News, but it is expected to be well over 1,000 out of a total workforce of about 9,000 that work for the Co-op’s banking division, primarily in its corporate lending business as it refocuses lending to small business customers. The new deal would need the approval of 80 per cent of the shareholders and a vote is expected to take place before the end of the year. The Co-op Bank needs to attract new investment and ordinary investors are likely to be given a combination of bonds and income guarantees to secure future support.The Bank is being forced to list on the stock exchange for the first time and the two biggest institutional bondholders, two US hedge funds, are likely to emerge as the biggest shareholders when the bank’s shares appear on the stock exchange for the first time next year. The fact that the mutual will no longer be the majority owner of the Co-op Bank is likely to upset many of the Bank’s customers. This has resulted in the institutional bondholders being quick to praise the Co-op’s ethical stance and aims. One of the biggest corporate shareholders, LT2 said in a statement last week: "The Co-operative Bank is unique for its ethics, mission and heritage which are an essential component of the Bank’s differentiated approach. "It is important to us that the Bank will maintain its unique characteristics and ethos. "The Co-operative Group Ltd. will remain the Bank’s largest shareholder by far and the Bank will benefit by this connection to the Co-operative movement." Link: http://www.myfinances.co.uk/savings/2013/11/04/co-op-to-cut-10-of-banking-staff