Co-op Financial Services has announced the loss of 2,500 jobs in its insurance division blaming a "tough market" on the reason for the restructure.
Our view
Wouldn't have anything to do with new rules and regulation on its way for general, household, motor insurance and mortgages, where previously there were no rules?
Financial services, whilst tough anyway at present, is going to become even harder over the next few years as the cost of regulation and having competent staff starts to bite.