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11/04/2014
Co-op Bank Confirm £1.3bn Annual Losses
The Co-operative Bank said it would not return to profit for at least two years after they reported a pre-tax annual loss of £1.3bn.
It follows the discovery if a £1.5bn capital “black hole” in the bank's finances last year.
The losses are in line with the expectations and comes after the failed attempt to buy 632 branches from the Lloyds Banks last year – an agreement collapsed after the discovery of the 1.5bn balance debt.
The Co-op Bank apologised to its 4.7 million customers and also confirm it would not make £4.97m deferred annual bonuses to its former bosses.
Co-op Bank chief executive Niall Booker said: "We appreciate that customers and other stakeholders continue to feel angry about how past failings placed the future of the business so seriously at risk. I would like to apologise to them, to thank them for their continued loyalty and to thank colleagues for their commitment during such difficult times."
Although that Mr Booker will receive a £2.9m pay package, which includes a basic salary of £1.2m and up to £1.7m in performance related bonuses.
Depending of the future results of the business the chef executive could also receive a potential £1.2m as part if a three year incentive plan.
The bank will have to put a figure on the number of jobs under threat after news that up to 40 of his high street branches will close this year.
(CVS/MH)
It follows the discovery if a £1.5bn capital “black hole” in the bank's finances last year.
The losses are in line with the expectations and comes after the failed attempt to buy 632 branches from the Lloyds Banks last year – an agreement collapsed after the discovery of the 1.5bn balance debt.
The Co-op Bank apologised to its 4.7 million customers and also confirm it would not make £4.97m deferred annual bonuses to its former bosses.
Co-op Bank chief executive Niall Booker said: "We appreciate that customers and other stakeholders continue to feel angry about how past failings placed the future of the business so seriously at risk. I would like to apologise to them, to thank them for their continued loyalty and to thank colleagues for their commitment during such difficult times."
Although that Mr Booker will receive a £2.9m pay package, which includes a basic salary of £1.2m and up to £1.7m in performance related bonuses.
Depending of the future results of the business the chef executive could also receive a potential £1.2m as part if a three year incentive plan.
The bank will have to put a figure on the number of jobs under threat after news that up to 40 of his high street branches will close this year.
(CVS/MH)
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