Co-op Bank abolishes branch sales bonuses

by Simon Ward on 03 October 2012  |  1 comment
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The mutual will now only pay out bonuses for customer service.

The Co-operative Bank has announced that it will only pay bonuses to branch staff for meeting customer service targets.

The bank is removing sales targets altogether and the quarterly bonuses will be paid out to branches, not individuals.

The mutual currently has 342 branches around the UK and is set to take on a further 632 from the Lloyds Banking Group, including 164 Cheltenham & Gloucester branches.

The scheme will also be rolled out to the Co-op’s call centre staff next year.

The Co-op came runner-up to First Direct in both the Customer service and Most loved categories in the Current Account section of 2011’s lovemoney Awards, voted for by you. It also came runner-up in the Most loved category of the Mortgage section.

Does your bank offer great customer service? Should other banks follow the Co-op's lead? Share your thoughts in the Comments section below.

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