Massive job cuts at Co-op Group

The Co-operative Group is understood to have axed 600 head office jobs in an attempt to save£50 million a year.

The retail-to-funerals business based in Manchester suffered a drop in profits of almost£100 million last year. Following a subsequent review of the business, the conglomerate has decided that the separate support structures of each business have all failed to fully exploit the combined strengths of the group.

The National Association of Co-operative officials and Usdaw are expected to be consulted over the job cuts next week.