The Co-Operative Bank has announced it is to close 18 of its branches around the UK, and cut 350 jobs.
The banking group confirmed plans for the closures on Tuesday 25 August, saying it has been affected by record low Bank of England interest rates.
Lowest rates in 400 years
Interest rates have been held at 0.1 per cent to help make borrowing costs cheaper in the wake of the pandemic. The rates mark the lowest level in 400 years, and mean a lower level of profitability for lenders.
The Co-Operative also said it has been impacted by more people choosing to do their banking online.
The 18 branches earmarked for closure will be shut by 1 December this year. The bank will write to all customers who are affected, detailing information about what alternative options are available to them.
The sites were chosen after analysis of their footfall during the past 12 month.
A total of 350 jobs will be cut as a result of the closures, including some middle management and head office roles. The group has said it will try to redeploy staff to other branches where possible.
Which branches are closing?
The following Co-Operative Bank branches will be closed by 1 December 2020:
- City of London