High street bank to close 18 branches

The Co-op Bank in Norwich. Pic: Co-op

The Co-op Bank in Norwich. Pic: Co-op - Credit: Archant

The Co-operative Bank, with an office in Norwich, plans to cut 350 jobs nationwide.

The bank, with a branch in London Street, said it had not been immune to the effects of recent months, as low interest rates hit the income of all lenders. Branches with the worst footfall over the past year will close by December 1.

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More customers are also choosing to bank online, and making fewer transactions in branches, chief executive Andrew Bester said.

Bosses promised to try to redeploy staff where possible, and will consult with them and the unions.

Rob MacGregor at Unite said that the union was “deeply disappointed” by the decision to cut staff and close branches.

“Job losses are always unwelcome, however, given the repeated restructuring exercises that this workforce has been through over the past 10 years the news will be particularly painful,” he said.