Coventry Building Society, which owns the Co-operative Bank, has begun a redundancy session with employees that would lead to over 100 employees throughout the group dropping their jobs, together with roles amongst its mortgage groups.
Notices had been despatched to employees yesterday, consulting 176 staff, with as much as 126 jobs underneath menace.
Proposals embrace lowering the mutual’s enterprise growth supervisor’s group to 18 from 23, and chopping its phone enterprise growth managers by half to 13 from 26.
The final result of the assessment is about to be handed down by administration by 5 December.
In July, the mutual reported that its statutory first-half pre-tax tax jumped to £722m from £159m a yr in the past, following a achieve of £584m on the acquisition of the Co-operative Bank.
The group added that its share market share mortgage lending lifted to 4.3% from 3.1%, in comparison with the tip of its 2024 full yr.
A spokesperson for Coventry Building Society says: “Our acquisition of the Co-operative Bank initially of 2025 created one of many largest mutual organisations within the nation, providing excellent worth, service and safety our members and clients count on.
“We’ve all the time been clear that change will probably be wanted as we convey our organisations nearer collectively to function a extra sustainable and environment friendly enterprise for our 4 and a half million clients and members.
“Yesterday, we sadly introduced session round modifications which can lead to a discount of round 100 roles throughout the Group, which means some roles will probably be susceptible to redundancy.
“This is not unusual when two massive organisations mix and there’s duplication of roles.
The spokesperson provides: “We’ll present all affected colleagues by way of this transition with respect, care, and the suitable help.
“Our middleman companions throughout the nation will proceed to obtain the identical help from our middleman groups, and we’ll hold providing the broad product vary and wonderful service ranges to brokers that allow them to fulfill the wants of their purchasers.”
Coventry Building Society employs over 3,000 employees in line with its newest annual report, the Co-operative Bank additionally employs round 3,000 staff.
