The Co-operative Bank has shared its plans to cut about 10% of its staff, which means around 400 jobs will go, as it bids to cut costs.
The bank is starting consultation with its staff over the plans, which could result in a 12% reduction in its workforce.
"Today, we have announced a series of changes across the bank which are essential for the delivery of the next phase of the strategic plan," said the Co-operative Bank.
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"These include the commencement of a consultation on a proposed operating model restructure which is expected to result in a net reduction of approximately 400 roles (12%) across the bank."
"The decision has not been made lightly, and the bank will continue to work closely with our trade union and to support impacted colleagues."
The news comes a month after the bank reported its pre-tax profit nearly halved from £132.6m in 2022 to £71.4m the following year.
The redundancies will be made across the business, including head office and branch roles, though no branch closures are planned.
Around 200 to 250 people are expected to leave the business, with people in other affected roles being able to apply for different jobs within the company. The consultation period will end in early May.
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“As the bank enters the next phase of its transformation plan it will seek to leverage the benefit of this investment and will be taking steps to ensure we have the right resource and processes in place to deliver our customer and commercial objectives,” the bank said.
“Accordingly, the bank has undertaken a review to identify opportunities to simplify processes, reduce our cost base and make efficiency improvements.”
Late last year the bank said it was in “exclusive discussions” with Coventry Building Society over a potential merger of the two firms.