Coventry Building Society, which owns the Co-operative Bank, has begun a redundancy consultation with staff that could result in over 100 staff across the group losing their jobs, including roles among its mortgage teams.  

Notices were sent to staff yesterday, consulting 176 workers, with up to 126 jobs under threat. 

Proposals include reducing the mutual’s business development manager’s team to 18 from 23, and cutting its telephone business development managers by half to 13 from 26.   

The outcome of the review is set to be handed down by management by 5 December. 

The move comes after Coventry Building Society completed its acquisition of the Co-operative Bank for £780m in cash in January. 

In July, the mutual reported that its statutory first-half pre-tax tax jumped to £722m from £159m a year ago, following a gain of £584m on the acquisition of the Co-operative Bank. 

The group added that its share market share mortgage lending lifted to 4.3% from 3.1%, compared to the end of its 2024 full year.  

A spokesperson for Coventry Building Society says: “Our acquisition of the Co-operative Bank at the start of 2025 created one of the largest mutual organisations in the country, offering outstanding value, service and security our members and customers expect.  

“We’ve always been clear that change will be needed as we bring our organisations closer together to operate a more sustainable and efficient business for our four and a half million customers and members. 

“Yesterday, we sadly announced consultation around changes which will result in a reduction of around 100 roles across the Group, meaning some roles will be at risk of redundancy.  

“This is not uncommon when two large organisations combine and there is duplication of roles.  

The spokesperson adds: “We’ll provide all affected colleagues through this transition with respect, care, and the appropriate support.  

“Our intermediary partners across the country will continue to receive the same support from our intermediary teams, and we will keep offering the broad product range and excellent service levels to brokers that enable them to meet the needs of their clients.” 

Coventry Building Society employs over 3,000 staff according to its latest annual report, the Co-operative Bank also employs around 3,000 workers.