Co-op: now not losing quite as much money
Remember how much trouble the Co-operative Bank were in? Well, they're slowly sorting it all out and reckon they've "stabilised", cutting their losses to £264.2m in 2014. However, they've still got some way to go and there's going to be more branches being closed.
They said that they'll be closing 57 branches in 2015.
Chief executive Niall Booker has agreed to stay on and chip away at the mess until the end of 2016. He took over in 2013, when the bank looked like it might vanish completely after a £1.5bn hole was found in their accounts.
That said, the Co-op said that they've now revised their 2013 debt to £688.3m, which is still loads of money.
Booker said: "Over the course of 2014 the management team has continued to take significant steps to implement the strategy and to turn the bank around. The Co-operative Bank is stronger than a year ago and we end the year with a strengthened capital position, ahead of schedule in the reduction of non-core assets and having made progress reducing underlying costs and improving the day-to-day management and governance."
"However, we are in the early stages of the turnaround and there is still much to do to transform the organisation into a sustainable business. There are a number of matters where the bank does not yet meet FCA and PRA regulatory requirements and expectations."
"The revised plan, accepted by the regulators, seeks to address this."
While this is all well and boring, the thing that really hammered the bank's reputation is the fact it was embroiled in a sex and drug scandal, which was the worst kind of PR for a service that wants to scream stability and not an association with orgies and crystal meth.