The Co-operative Bank’s CEO Nick Slape says he is “very pleased” with the bank’s performance during the period, adding that “all key financial metrics and credit quality in line with expectations”.
According to The Co-operative Bank’s Q1 2024 report, Slape said: “We are focused on delivering value to our shareholders through the strength of our business model and the hard work of our colleagues.”
He added that “significant progress” had been made in its IT simplification programme, noting that it was “nearing completion”, with 6% of savings customers and 14% of mortgage customers left to migrate.
“This creates operational efficiencies, reduces cyber risk and streamlines processes to better serve our customers and colleagues,” he said.
Slape reiterated that it had made a “series of organisational changes” across the bank, which is expected to lead to a net reduction of approximately 400 roles.
“Whilst the decision was not taken lightly, it is essential if we are to become a more agile and efficient organisation. Colleague wellbeing and customer service remain central throughout this process,” he said.
Slape continued on to say that The Co-operative Bank and Coventry Building Society had reached non-binding heads of terms for potential acquisition of the bank, and they were “working together on the next stages”.
“In the meantime, we remain focused on delivering our strategic plan and great service for all our customers,” he said.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
