Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. 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 Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Play Dangerous daisy chains, Black Friday blues and Uber valuations

Dangerous daisy chains, Black Friday blues and Uber valuations

This week’s Investment Pulse looks at the domino effect in European banks, America’s disappointing Black Friday and how much Uber is really worth.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter