Co-operative Bank warns more job losses to come

A Co-Operative bank branch
Paul Thomas | Bloomberg | Getty Images
A Co-Operative bank branch

Britain's Co-Operative Bank said it expected to make further job cuts having already reduced its staff numbers by 21 percent - or about 1,560 workers - in the past year as it looks to slash costs following a painful restructuring.

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"A large proportion of our cost is in people and, consequently, we will continue to see job reductions. There have been one or two redundancy programmes and I believe there will be one or two more in that respect," Chief Executive Niall Booker told reporters on a conference call.

Britain's seventh biggest lender came close to collapse last year after a 1.5 billion pound capital shortfall was exposed. It employs 5,860.

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