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| Version 0 | Version 1 |
|---|---|
| Co-op 'plans to axe 1,000 jobs' | Co-op 'plans to axe 1,000 jobs' |
| (about 1 hour later) | |
| The Co-op is set to make up to 1,000 staff redundant from its financial services arm, with Manchester taking the brunt of the cuts, a report says. | The Co-op is set to make up to 1,000 staff redundant from its financial services arm, with Manchester taking the brunt of the cuts, a report says. |
| Workers at its insurance and banking arms, which includes the Co-operative Bank and online bank Smile will be hit by the move, the Daily Telegraph said. | Workers at its insurance and banking arms, which includes the Co-operative Bank and online bank Smile will be hit by the move, the Daily Telegraph said. |
| Co-operative Financial Services is among Manchester's largest employers. | |
| The paper said that senior managers were briefed on Thursday and the announcement was to be made on Friday. | The paper said that senior managers were briefed on Thursday and the announcement was to be made on Friday. |
| Nobody from CFS could be contacted by the BBC, though a spokesman told the Telegraph that there would be an "internal and external announcement" on Friday. | Nobody from CFS could be contacted by the BBC, though a spokesman told the Telegraph that there would be an "internal and external announcement" on Friday. |
| 'Lost ground' | 'Lost ground' |
| CFS has about 6.5 million customers in the UK. | CFS has about 6.5 million customers in the UK. |
| The Co-operative Bank has both High Street and internet banking and offers current accounts, credit cards and loans. | The Co-operative Bank has both High Street and internet banking and offers current accounts, credit cards and loans. |
| Co-operative Insurance provides stakeholder pensions, unit trusts and insurance as well as independent financial advice. | Co-operative Insurance provides stakeholder pensions, unit trusts and insurance as well as independent financial advice. |
| Analysts say that CFS has lost ground amid competition from supermarkets and online insurers. | Analysts say that CFS has lost ground amid competition from supermarkets and online insurers. |
| In 2004, CFS sacked 2,500 workers as it looked to cut costs. | In 2004, CFS sacked 2,500 workers as it looked to cut costs. |