Bank to close branch in York city centre

Photograph: YorkMix
25 Aug 2020 @ 5.08 pm
| Business

A bank branch in York city centre is to close, it was announced today (Tuesday).

The Co-operative Bank will close the Feasegate branch as it downsizes in response to changes in the economy.

According to a letter sent out to customers, the bank will close on 26 November.

The company plans to cut around 350 jobs from across the UK, shutting 18 branches and slashing middle management and head office roles.

The bank said it has not been immune to the effects of recent months, as low interest rates hit the income of all lenders.

More customers are also choosing to bank online, and making fewer transactions in branches, chief executive Andrew Bester said.

Bosses promised to try to redeploy staff where possible, and will consult with them and the unions.

Lower footfall

The Co-operative Bank branch on Feasegate. Photograph: YorkMix

Co-operative Bank said it had chosen the branches to close after analysing their footfall over the last 12 months.

It will write to affected customers to let them know what alternatives are available.

Mr Bester said: “Our people have shown great dedication and commitment to our customers over the past few months, so we are very sorry to announce this news today.

“Unfortunately, we’re not immune to the impact of recent events, with the historically low base rate affecting the income of all banks and a period of prolonged economic uncertainty ahead, which means it’s important we reduce costs and have the right-sized operating model in place for the future.

“At the same time, we are responding to the continuing shift of more and more customers choosing to bank online, with lower levels of transactions in branches, a trend which has been increasing for some time, across the banking sector and more broadly.”