Unite, the union representing the banking staff at Co-operative Bank, has expressed dismay at the plan announced for the bank today. The proposals will bring thousands of job losses, branch closures and a departure from the ethical finance approach taken by the unique bank.
The package, which will give hedge funds majority control of the bank, will effectively end the long and proud history of the bank as a co-operative organisation.
Dominic Hook, Unite national officer said: "This disastrous Co-operative Bank deal is everything but a rescue plan. This proposal will suffocate the Co-oprative Bank and leave it unrecognisable. Allowing these hedge funds to control the bank will eliminate the meaningful ethical ethos which thousands of its customers value so much.
"Investors must not stand back and allow the unique culture of the Co-op Bank to be lost.
"Allowing 70% of the Co-operative Bank to be owned by hedge funds will further reduce the choice consumers have on the high street and result in another private sector bank chasing profits.
"The past disastrous mismanagement of the Co-operative Bank has now left thousands of staff worried about losing their jobs."
For further information please contact Unite senior communications officer Saba Edwards on 07768 693 953
Unite is Britain and Ireland’s largest trade union with 1.4 million members working across all sectors of the economy. The general secretary is Len McCluskey.