Co-operative Bank - down £709m

29 August 2013

co-op bank

Finance hippies, the Co-operative Group, have plunged to a £559m first-half loss thanks to bad debts in its banking arm wiping out profits their supermarkets.

For anyone who has been refused a Co-op bank account, this is quite funny.

The group have a four-year turnaround plan after reporting pre-tax losses of £709.4m in the six months to the end of June. The Prudential Regulation Authority (PRA) said that all this is of no interest to them and they still want the Co-op to plug the £1.5bn hole in its balance sheet.

The sad news is that this will invariably lead to job losses for staff.

New Co-op big cheese, Euan Sutherland said: "It's inevitable in a restructuring of this size that there will be some jobs at risk," and that the Co-op has "no plan B" for rescuing its bank.

"We are sorry but we are a new team and grasping the nettle and getting on with fixing the situation."

TOPICS:   Banking   Investments   High Street News   Debt


  • Daisy D.
    Their supermarkets make profits??
  • Big M.
    ^ they fucking ought to. I part of me dies every time I'm forced to pick up bits and pieces from the Co-Op. The prices are fucking outrageous - it's well worth a 10 minute walk in the pissing rain with 2 toddlers in tow (mine I might add) to get stuff from elsewhere. Even a Tesco Express.
  • Daisy D.
    @ Big Mozzer I was being ironic/sarcastic/whatever. There's a big Co-op in my town and customers are usually outnumbered by staff (not that that's saying much). I genuinely can't see how they cover even their power bill.
  • fibbingarchie
    Obviously none of the Co-op bank staff ever nipped along to their supermarket for a pint of Risk Managemement.

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