Coventry Building Society, owner of the Co-operative Bank, has begun redundancy consultations with staff, which could result in the loss of more than 100 staff across the group, including roles in the mortgage team.
Notices were issued to staff yesterday, with 176 workers consulted and up to 126 jobs at risk.
Proposals include reducing the mutual aid team of business development managers from 23 to 18 and halving the number of telephone business development managers from 26 to 13.
Management will announce the results of the review by December 5.
In July, Mutual Bank reported that its first-half statutory pre-tax profits jumped to £722m from £159m a year earlier, following a £584m gain from the acquisition of Co-operative Bank.
The group added that its mortgage market share increased from 3.1% to 4.3% compared with the end of full year 2024.
A spokesperson for Coventry Building Society said: “We acquired Co-operative Bank in early 2025, creating one of the largest mutual aid organizations in the country, providing the outstanding value, service and security our members and customers have come to expect.
“We have always been clear that we needed to make changes as we brought our organization closer together to run a more sustainable and efficient business for our four and a half million customers and members.
“Yesterday, we regretfully announced a consultation on changes which will result in the reduction of approximately 100 roles across the group, meaning some roles will be at risk of redundancy.
“It’s not uncommon when two large organizations merge and roles are duplicated.
The spokesperson added: “We will provide all affected colleagues with respect, care and appropriate support during this transition period.
“Our intermediary partners across the country will continue to receive the same support from the intermediary team and we will continue to provide brokers with a broad product range and exceptional service levels to enable them to meet the needs of their clients.”
Coventry Building Society employs more than 3,000 people and the Co-operative Bank also employs around 3,000 people, according to its latest annual report.
