Co-operative Financial Services to axe 670 jobs

| July 18, 2011 | 0 Comments

Manchester-based Co-operative Financial Services (CFS) has announced plans to axe more than 600 jobs as part of a strategic review.

The group said 670 field based jobs will go after conducting a review of its life insurance and savings division following its merger with the Britannia Building Society in August 2009.

CFS, which has 8 million customers, has a workforce of 12,000 in over 300 High Street branches.

Commenting on the job cuts, Neville Richardson, CFS chief executive, said: “We were faced with rising regulatory costs in a business which was increasingly becoming sub-scale.

“This move supports our strategy to focus our specific attention on our banking and general insurance areas, where we have a growing and strongly differentiated competitive position.”

Meanwhile, the company said it is in negotiations with insurer Royal London to sell its life insurance division and £20 billion worth of assets.

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