The Co-operative Bank has said its transformation plan is “materially complete” ahead of its agreed merger with Coventry Building Society.
The bank said discussions over the deal, which will see the building society acquire Co-op Bank for up to £780m, are “well advanced” after completing due diligence.
It came as chief executive Nick Slape said he is “very pleased” with its performance over the first quarter of 2024, which was in line with expectations.
On Thursday, the company also told shareholders its “multi-year transformation programme (is) materially complete”, after significant cost-cutting which included proposals to cut around 400 jobs earlier this year.
In March, it said it planned to reduce its roughly 3,000-strong workforce by around 12%, in a move affecting staff across the business, including at its branches.
The transformation plan has also included a £100m IT simplification programme.
The bank said it has made “significant progress” with IT changes, which are now close to completion.
Slape said: “Our low-risk balance sheet remains resilient, with all key financial metrics and credit quality in line with expectations.
“We are focused on delivering value to our shareholders through the strength of our business model and the hard work of our colleagues.
“We have recently announced a series of organisational changes across the bank, which are expected to result in a net reduction of approximately 400 roles, and, whilst the decision was not taken lightly, it is essential if we are to become a more agile and efficient organisation.”
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