CO-OPERATIVE BANK bosses announced today that they plan to axe 400 jobs, affecting more than one in 10 staff.

The bank  is embarking on “a consultation and restructuring” leading to a net reduction of 12 per cent of staff in a bid to cut costs.

The bank said in a statement: “The decision has not been made lightly, and the bank will continue to work closely with our trade union and to support impacted colleagues.”