News Article Published:
Tuesday, 24 July 2007
Category:
Insurance
Co-operative Financial Services (CFS) has laid off two senior marketers as part of a move to cut costs by cutting jobs.
Marketing director David Newman and commercial chief and business management director Craig Shannon have both left the financial branch of the Co-operative group, which has announced a reshuffle which will see 1,000 employees losing their jobs, including 17 top managers. It expects that this will save the company £100 million a year in wages.
Mr Newman was responsible for supervising the construction of Co-operative as a "master brand", which grouped all of the different operations of the corporation together.
Meanwhile Mr Shannon had been on the CFS executive board since 2003 after his previous role as marketing director and was responsible for profitability of, general and life insurance and corporate banking.
In future, CFS chief executive David Anderson and director of distribution and service Stephan Pater will be responsible for marketing, according to Marketing Week.
Commenting, Mr Anderson said: "Decisions taken which lead to a reduction in colleague numbers are not taken lightly and consultation is underway with all the relevant trades unions. Full support will be offered to all colleagues affected by these changes."
CFS has over six million customers and its brands include the Co-operative Bank and online bank Smile.
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