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Co-operative Bank warns more job losses to come
August 22, 2014 / 7:40 AM / in 3 years

Co-operative Bank warns more job losses to come

LONDON, Aug 22 (Reuters) - Britain’s Co-Operative Bank said it expected to make further job cuts having already reduced its staff numbers by 21 percent - or about 1,560 workers - in the past year as it looks to slash costs following a painful restructuring.

“A large proportion of our cost is in people and, consequently, we will continue to see job reductions. There have been one or two redundancy programmes and I believe there will be one or two more in that respect,” Chief Executive Niall Booker told reporters on a conference call.

Britain’s seventh biggest lender came close to collapse last year after a 1.5 billion pound capital shortfall was exposed. It employs 5,860.

Reporting by Matt Scuffham; Editing by Laura Noonan

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