Co-op Bank to cut branch network by at least 15%
Detail from Co-op Bank newspaper ad
The Co-op Bank has taken out newspaper ads in an effort to reassure customers
Continue reading the main story
Co-op chair Len Wardle to step down
Ex-Co-op boss: Bank move 'a tragedy'
Co-op to lose full control of bank
The Co-operative Bank plans to cut its branch network by at least 15% by the end of next year, shedding 50 of its 324 branches and large numbers of jobs.
The bank said it would "significantly enhance" its internet and mobile banking services as a result.
The details came as it unveiled its rescue plan, drawn up at the weekend.
The deal will see creditors to the group, led by half-a-dozen hedge funds, end up with 70% of shares in the bank, leaving Co-op Group with 30%.
Source Click Me