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No end in sight for losses at Britain's Co-operative Bank


Business

No end in sight for losses at Britain's Co-operative Bank

Britain’s Co-operative Bank released its annual figures on April 1st – and they were no joke.

Its losses nearly doubled last year to 610 million pounds (763 million euros).

Chief executive Niall Booker warned it would remain unprofitable for the next two years, but said he is making progress with a turnaround plan.

The Co-op Bank came close to collapse almost three years ago because of bad property loans.

Bondholders ultimately took control of the bank which has cut its branch network by nearly half and has been selling assets.

Santander to close hundreds of Spanish branches

Business

Santander to close hundreds of Spanish branches