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Breaking: Co-op bank reports £1.3bn loss and halts payments to former bosses Breaking: Co-op bank reports £1.3bn loss and halts payments to former bosses
(35 minutes later)
The Co-op's banking arm has reported a loss of £1.3 billion for last year and said it will not make £5 million in deferred payments to former bosses. The Co-op banking arm reported a £1.3 billion annual loss today as it warned its legacy issues will continue to hit its financial performance for some time.
more soon.... The business, which is now under the control of bondholders following a refinancing to fill a £1.5 billion hole in its balance sheet, said it expects to make losses during this year and in 2015.
Chief executive Niall Booker said management kept the bank alive during 2013 but that there were still "significant issues" which need to be resolved.
The business added that £5 million of deferred payments will not be made to former executives who left the bank prior to its collapse.
PA