Co-op Bank's losses nearly triple
The Co-operative Bank have been having a lousy time, beset by scandals and financial losses. Concerning the latter, those losses just won't go away and the bank themselves have said that they won't make a profit for at least another two years.
Their losses have nearly trebled in the first half of the year as the bank trundles on through their restructuring. The net-losses went up to £204m in the first six months of the year, up from £77m in the same period last year.
In a statement, they said that these losses are thanks to "the issues that came to light during 2013" which "continue to dominate the financial performance of the business". "The required remediation and strategic investment together ... [are] expected to drive losses in the bank for at least the next two years," they continued.
Chief exec Niall Booker is overseeing the slow turnaround, and saw the bank narrowly avoiding a £120m fine from a pair of financial regulators.
"It is a campaign as opposed to a skirmish," the chief executive said. "We have made some progress, but there is still a lot to do. The challenge is, we've got to keep the customer empathy and ethics, but change the other bits."