CO-OPERATIVE BANK bosses announced today that they plan to axe 400 jobs, affecting more than one in 10 staff.

The bank  is embarking on “a consultation and restructuring” leading to a net reduction of 12 per cent of staff in a bid to cut costs.

The bank said in a statement: “The decision has not been made lightly, and the bank will continue to work closely with our trade union and to support impacted colleagues.”

The redundancies will affect positions in the head office, operations and branch roles. Currently, no branch closures are planned.

Those affected are expected to serve their notice period once the consultation period ends in May.

The news comes a month after the bank announced that its pre-tax profit nearly halved from £132.6 million in 2022 to £71.4m in 2023.

The decline was attributed to rising staff expenses and £29m earmarked to cover redress to past mortgage customers.

Unite union national officer Caren Evans said the decision brings “great uncertainty and anxiety to the workforce.

“Following this news, Unite reps are working tirelessly to support our members as they navigate the implications of this announcement.

“Unite will do everything in our power to avoid compulsory job losses at the bank.”