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

No end in sight for losses at Britain's Co-operative Bank
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By Euronews with REUTERS
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Losses at Britain's Co-operative Bank nearly doubled last year and the chief executive warns it will remain unprofitable for the next two years though he is making progress with a turnaround plan.

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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.

1/2 Our work to improve resilience, reduce cost and strengthen the performance of the Core Bank continues to deliver positive results…

— Co-operative Bank (@CoopBankUK) 1 April 2016

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.

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