Coventry Building Society, which owns the Co-operative Bank, has begun a redundancy session with workers that would lead to over 100 employees throughout the group shedding their jobs, together with roles amongst its mortgage groups.
Notices had been despatched to workers yesterday, consulting 176 employees, with as much as 126 jobs underneath menace.
Proposals embrace decreasing the mutual’s enterprise growth supervisor’s crew to 18 from 23, and chopping its phone enterprise growth managers by half to 13 from 26.
The end result of the assessment is about to be handed down by administration by 5 December.
The transfer comes after Coventry Building Society accomplished its acquisition of the Co-operative Bank for £780m in money in January.
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 market share of mortgage lending lifted to 4.3% from 3.1%, in comparison with the top of its 2024 full yr.
A spokesperson for Coventry Building Society says: “Our acquisition of the Co-operative Bank firstly 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 might be wanted as we deliver 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 adjustments which can lead to a discount of round 100 roles throughout the Group, that means some roles might be prone to redundancy.
“This is not unusual when two massive organisations mix and there may be duplication of roles.
The spokesperson provides: “We’ll present all affected colleagues via 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 workers in accordance with its newest annual report, the Co-operative Bank additionally employs round 3,000 employees.
