Co-operative bank announces £1.3bn annual loss

The Co-operative bank has announced a £1.3bn annual loss.

Live updates

Co-op Bank chief to get £2.9m pay package

Niall Booker says management "kept the bank alive" during its troubles. Credit: Reuters

Co-operative Bank chief executive Niall Booker is to receive a total £2.9 million pay package for the financial year 2013 and could receive a further £1.2 million dependent on the bank's future performance.

On the publishing of the results, Mr Booker said the new management had succeeded in keeping "the bank alive".

Advertisement

Co-op Bank loss 'reflects magnitude' of task ahead

The Co-operative Bank announced a £1.3bn loss for 2013. Credit: Tim Goode/EMPICS Entertainment

Co-operative Bank chief executive Niall Booker said today's belated 2013 annual results "reflect the magnitude of the issues that have come to light" since he took charge of the troubled bank ten months ago.

However, he said he said "initial progress on our business plan is encouraging and we remain enthusiastic about the long term potential for the Bank".

"The level of change required in improvement in processes, systems and culture is significant," he said.

"We are determined to rebuild trust in the Bank after the events of last year and reward the loyalty our customers and shareholders have shown us."

Co-operative Bank announces £1.3bn loss

The Co-operative Bank is attempting to raise another £400m. Credit: John Stillwell /PA Wire

The Co-operative Bank has reported an annual loss of £1.3 billion for the 2013 financial year.

The Co-op group was plunged into fresh difficulties on Thursday, offering members a vote on its future after the resignation of senior independent director Lord Myners.

Back to top

Latest ITV News reports