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The Co-operative Bank’s Q1 results ‘in line with expectations’

  • 02/05/2024
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The Co-operative Bank’s Q1 results ‘in line with expectations’
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.

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