The Manchester-headquartered bank says a consultation for the proposed job cuts has now commenced, with the action expected to impact 12% of its total workforce.
“The decision has not been made lightly, and the bank will continue to work closely with our trade union and to support impacted colleagues,” the bank says in a statement.
Effective from 7 May, the move forms part of a broader effort by the bank to “simplify processes, reduce our cost base and make efficiency improvements”.
The bank says it has been pursuing a strategy over the past three years to “simplify and transform the business with the aim of delivering long-term sustainable growth”.
