CFS moves to reassure staff

Co-operative Financial Services has repeated its pledge that there will be no compulsory redundancies affecting CFS or Britannia Building Society personnel in the wake of this month’s merger...

A CFS spokesman described a local evening paper headline as inaccurate and misleading and said that, although there was a commitment to avoiding duplication of roles, any reduction in staff numbers would be achieved without compulsory redundancies.

A statement issued by CFS in response to the newspaper coverage said: “The planned integration process is expected to take approximately three years and whilst there will be some overlap in central functions leading to a reduction in final numbers, we expect to be able to manage any job losses largely through natural turnover and redeployment.

“Natural turnover within an organisation the size of CFS is in the region of 15 per cent per annum and with a combined number of 12,000 employees, we believe that the final reduction in numbers will be easily achieved through this process.

“As stated throughout the merger process, we have a commitment to no compulsory redundancies in branch staff as a result of the merger.”

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