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View the article online at http://citywire.co.uk/wealth-manager/article/a745929

Co-op woes escalate with record £1.3bn loss

by Dylan Lobo on Apr 11, 2014 at 08:56

Co-op woes escalate with record £1.3bn loss

The beleaguered Co-operative Bank troubles have continued with a £1.3 billion loss.

The news comes after the bank recently revealed a £1.5 billion funding 'black hole'.

In its results update the bank also said it would not pay £4.97 million in deferred bonuses to its former bosses.

Chief executive Niall Booker drew some optimism from the numbers, pointing out that the profits made from the restructure plan know as the 'liability management exercise' (LME), which he said 'kept the bank alive' reduced losses to £586 million.

'The results today reflect the magnitude of the issues that have come to light since I jointed the Co-operative Bank ten months ago,' Booker said

'It is early days but initial progress on our business plan is encouraging and we remain enthusiastic about the long-term potential for the bank.'

Earlier this week the bank was dealt a fresh blow after Lord Myners (pictured) quit the board.

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