UK's top co-op bank sheds 1000 jobs

According to news reports, Britain’s Co-op Bank will cut more than 1,000 jobs, over 10 percent of its workforce, as part of an overhaul of its business and finances. The Co-op Bank is scheduled to make an announcement on Monday about its plans to address a 1.5 billion-pound ($2.4-billion) capital shortfall identified by regulators, and about its business plan for the next four to five years.

This massive downsizing is indicative that the European economy is still far away from recovery. Read the Economic Times news report here.