The head of the Co-operative Group Peter Marks has said that "banking has become very difficult" in the UK and that economic growth is too poor to expect a profit.
He told ITV News' Economics Editor Richard Edgar that the Co-op remains committed to its banking operation but that he sees no point in expanding with interest rates likely to stay so low.
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It comes after security was stepped up around the country following the Manchester Arena attack which killed 22 people.
A murderer nicknamed 'Houdini' after escaping the death penalty seven times has been given the lethal injection.
The distress signal sparked a police hunt in the area to find the person or group who made it.