This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/6907746.stm
The article has changed 6 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Co-op finance arm cuts 1,000 jobs | Co-op finance arm cuts 1,000 jobs |
| (about 2 hours later) | |
| The financial arm of the Co-op is to make about 1,000 staff redundant this year as it tries to cut costs. | The financial arm of the Co-op 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 take the brunt of job losses. | Co-operative Financial Services (CFS) has not set out where the losses will take place, but Manchester is expected to take the brunt of job losses. |
| However, customer-facing roles - in call centres and bank branches - will not be affected, it said. | However, customer-facing roles - in call centres and bank branches - will not be affected, it said. |
| 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. |
| 'Not taken lightly' | 'Not taken lightly' |
| 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. | 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. |
| It said it hoped to save £100m in annual operational costs by June 2008. | It said it hoped to save £100m in annual operational costs by June 2008. |
| At the same time, it intended to spend £250m on developing its retail and corporate banking, as well as its general insurance business, it said. | At the same time, it intended to spend £250m on developing its retail and corporate banking, as well as its general insurance business, it said. |
| "Decisions taken which lead to a reduction in colleague numbers are not taken lightly and consultation is underway with all the relevant trades unions," said CFS chief executive David Anderson. | "Decisions taken which lead to a reduction in colleague numbers are not taken lightly and consultation is underway with all the relevant trades unions," said CFS chief executive David Anderson. |
| He added that the changes to the business would support "a clear business strategy that will see our customer and membership base grow significantly in the coming years". | He added that the changes to the business would support "a clear business strategy that will see our customer and membership base grow significantly in the coming years". |
| 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. |
| In 2004, CFS made 2,500 workers redundant as it looked to cut costs. |