30/04/2014

1,000 Job Losses At Co-Op Bank

Unite has welcomed the Kelly report into the Co-op merger with the Britannia Building Society which has exposed the "reckless incompetence" which has seen more than 1,000 jobs cuts and caused deep uncertainty for those left behind.

The damning report into the near-collapse of the Co-op Bank by Sir Christopher Kelly blamed executives for the way they ran the business in the wake of its disastrous merger with the Britannia Building Society.

Unite national officer Rob MacGregor said: "The Kelly report is a devastating critique of the failure of the merger between the Co-op and the Britannia Building Society.

"Reckless incompetence has cost 1,000 jobs and caused fear and uncertainty for staff left behind at the Co-op.

"It demonstrates the complete ignorance of senior managers in how to run a bank and to understand the consequences of mergers and acquisitions.

"Further questions still remain over the subsequent role of the coalition government and the pressure George Osborne put on the Co-op to acquire Lloyds bank branches under project Verde.

"When the Co-op should have been focusing solely on the Britannia merger why was it being hounded by George Osborne to buy more bank branches?"

(CD/JP)

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