Wealth Manager - Essential news for investment professionals

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Co-op woes escalate with record £1.3bn loss

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Sarasin’s Boucher: why I like salmon with chocolate

Sarasin’s Boucher: why I like salmon with chocolate

Henry Boucher, manager of the £129 million Sarasin Food & Agriculture Opportunities fund, explains why he is gobbling up salmon and chocolate stocks.

Play Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Libby Ashby and leading wealth managers analyse what the Alibaba IPO hype means for Chinese equities, slowing growth of the UK economy and whether there’s anything left to play for in the European sovereign bond market.

Play Tesco, Japan and the rise of the central banker

Tesco, Japan and the rise of the central banker

 Libby Ashby and leading wealth managers scrutinise the food retail sector, Japan’s consumption tax hike and political risk in the markets.

Your Business: Cover Star Club

Veteran banker boosts Sanlam’s stockbroking team

Veteran banker boosts Sanlam’s stockbroking team

A veteran private banker has been recruited by Sanlam Private Investments to strengthen its advisory stockbroking team.

Wealth Manager on Twitter