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Co-op Bank - Update for Trading Group Members

Co-operative Bank
An update for Trading Group Members

As a member of the Joint Trade Unions at the Co-operative Bank, NACO has been in consultation with senior management regarding a proposed five year programme to substantially reduce staff numbers across the organisation.
Following this early consultation, the Bank has today announced a series of substantial cost cutting measures. NACO understands the need for radical measures, but is very disappointed that more detail isn’t being shared with colleagues.
NACO members should note that the 1,000 job losses widely reported in the press is speculation. Over the 4-5 year period referenced in today’s communication, we understand the eventual number of job losses is very likely to be substantially higher.
NACO has met with and consulted members at the Bank to understand their primary concerns. It was immediately clear that they feel they are being impacted by a financial predicament that they didn’t create, and are very concerned that external investors are now involved in the Bank.
NACO will be keeping a very close watch on the situation with external investors whilst seeking a way to progress negotiations. It is clear that our members believe NACO’s objectives should be  to work with the business to retain as many jobs as possible, to identify redeployment opportunities for affected staff where possible, and to ensure that decent severance terms are available to all those who leave the business. 
Voluntary Redundancy

If job losses are unavoidable, we have asked the business to consider voluntary redundancy. No details have yet been agreed and no volunteers are yet being sought by the Co-operative Bank.
If a voluntary redundancy register is opened, it should be noted that the Bank would have absolute discretion over which volunteers to ultimately accept, and are likely to want to retain colleagues with critical skills to work towards its recovery. 
There is much detail to work out regarding the future structure of the Bank, and how that will impact on staff within CBG and Trading Group. NACO is committed to maintaining regular contact will all members and will continue to provide updates by email.

Co-operative Group Redundancy Payments

The current redundancy settlement available from the Co-operative Group is statutory pay X 1.75. See matrix here.
If you have an individual concern at this time or would like to speak with a NACO Official on any issue, please contact the NACO National Office