CFS proposes to reduce its workforce by approximately 1000 during 2007
Co-operative Financial Services (CFS) has announced plans to reduce its annualised operational costs by £100m by the end of June 2008.
CFS said in a statement: “A number of measures will be taken in order to achieve these cost reductions but job losses are regrettably unavoidable and CFS proposes to reduce its workforce by approximately 1000 during 2007. Other cost savings will be made through improvements in supplier procurement and by simplifying business processes throughout the organisation.”
Commenting David Anderson, CFS Chief Executive said: “Decisions taken which lead to a reduction in colleague numbers are not taken lightly and consultation is underway with all the relevant trades unions.
“Full support will be offered to all colleagues affected by these changes. CFS will aim to achieve some of these changes through voluntary means however the scale of the reorganisation will mean that compulsory redundancies are inevitable.”
