Impact on Group Colleagues
Following last week's announcement regarding Project Orion, Euan Sutherland has now published a YouTube video (below), and a briefing to senior managers regarding the Bank recapitalisation plan.
The video and briefing act as precursors to a prospectus for bondholders detailing an offer to investors which would see the Co-operative Group's holdings in the Bank reduced to 30%. read more, source:BBC
Future of the Co-operative Group
Of specific note to colleagues within Trading Group is that the new management team now intend to turn their attention to the future of the Co-operative Group. The FAQs sent with the briefing describe where we are now as 'simply unacceptable'.
NACO is broadly supportive of changes within the family of businesses that brings about a more coherent plan for the future and safeguards the Group and its staff.
We remain firm in our stance that, should redundancy be required, any reductions are managed through consultation with NACO. Our commitment to members is that NACO will campaign to retain as many jobs as possible, and to ensure that decent severance terms are secured for all those who leave the business as a result.
Help strengthen our numbers
NACO will support all members affected by Project Orion. If your colleagues are not already members of the union, please consider recommending NACO membership - use NACO's Member-Get-Member scheme and share £60* Co-operative Vouchers.
It has become clear that as part of the Bank recapitalisation plan there will be significant change as it reshapes itself to deliver its new business plan.
The business announced on Monday that it must now begin the process of separating Bank from Group, focusing on support functions and IT structures. We are now aware that this process will require some colleagues to transfer from one organisation to the other.
It is likely the separation process will move very quickly. Throughout this exercise NACO will be in consultation with the business and working hard to support any affected members.
If you would like to speak with a NACO Official on any issue, please contact the NACO National Office.