Co-operative Financial Services’ interim results have shown a £46.2 million profit for the Bank, while Insurance reports a loss of £1.5m.


CO-OPERATIVE Financial Services have announced plans to shed 1,000 jobs by the end of this year in an effort to reduce its annual operational costs by £ 100 million by the end of June, 2008. A review and consulation process aimed at identifying the posts which will become redundant is currently under way and although CFS hopes to achieve as many job losses as possible by voluntary means, it is acknowledged that this will be insufficient to meet the target set.

CO-OPERATIVE Financial Services (CFS) has announced a seven per cent per cent increase in operating profits and a rise of 3.8 per cent in pre-tax profits for its insurance and banking operations. The CFS operating profit before significant items was £ 166.4m compared with £ 155.8m in 2004. This includes £ 66.5m from general insurance (2004: £ 42.5m) and £ 97.8m from banking activities (2004: £ 114.3m).