Co-op blames job cuts on Labour national insurance raid Retail Co-op group has slashed its headcount this year to handle the added costs of Labour’s national insurance raid, its chief executive has revealed, saying the tax hikes had pushed the retailer to invest in more automation. The group, which runs life insurance and funeral businesses as well as its grocery arm, said on Wednesday that [...]
Co-op looks to funeral arm in hunt for turnaround from cyber-attack Retail Co-op posted a jump in turnover at its funeral arm, as the member-owned group said it is setting out the foundations to recover from a costly cyber-attack last year. Kate Allum, interim chief executive of the food-to-insurance firm, said the group is facing a “year of two halves” and will see its turnaround plan deliver [...]
Capita revenue plunges as outsourcing giant hit by contract losses Business Outsourcing firm Capita saw its adjusted revenue drop eight per cent in the first 11 months of the year, as the firm struggled to replace a host of lost contracts. In a trading update, the company revealed that the drop came largely from its experience arm, which fell a whopping 16.3 per cent over the [...]
Co-op Bank unveils £90m dividend ahead of Coventry sale November 26, 2024 The Co-operative Bank is to pay out £90m to investors after reporting lending growth in the third quarter, ahead of a £780m tie-up with Coventry Building Society.
Coventry Building Society agrees terms to buy Co-op Bank for £780m April 18, 2024 Coventry Building Society has agreed terms to buy The Co-operative Bank for £780m as a wave of consolidation sweeps through the mid-sized banking sector.
The Co-operative Bank to slash 400 jobs in cost-cutting drive March 26, 2024 The Co-operative Bank has announced that it plans to cut around 400 jobs as the lender looks to reduce costs.